1. THE WEEKLY DIG The Weekly Dig January 24,...

Mick Carew, PhD, 604-697-6006, [email protected]

Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]

For Important Disclosures and Analyst Certification See Pages 39-47

1

The Weekly Dig

1.

19%

7%

4%

4%

3%

2%

0%

0%

0%

(2)%

(2)%

Panoro Minerals Ltd.

Northern Dynasty Minerals Ltd.

Foran Mining Corporation

Wolfden Resources Corporation

First Cobalt Corp.

Osisko Metals Incorporated

Xanadu Mines Limited

Titan Mining Corporation

Nevada Copper Corp.

Amerigo Resources Ltd.

Sherritt International Corporation

Weekly Performance - Base Metals Producers & Developers

12%

7%

4%

4%

4%

3%

3%

2%

2%

2%

Alamos Gold Inc.

Yamana Gold Inc.

Kinross Gold Corporation

B2Gold Corp.

Asanko Gold Inc.

Barrick Gold Corporation

Endeavour Mining…

Centamin plc

Agnico Eagle Mines Limited

Osisko Gold Royalties Ltd

Weekly Performance - Senior and Intermediate Gold Producers

23%

20%

18%

18%

16%

12%

12%

11%

11%

11%

GT Gold Corp.

Kenadyr Mining…

RTG Mining Inc.

Orvana Minerals Corp.

Rupert Resources Ltd.

Falco Resources Ltd.

Goldquest Mining…

Lundin Gold Inc.

Lincoln Gold Mining…

Liberty Gold Corp.

Weekly Performance - Junior, Developer, and Exploration Gold

1

Source: Bloomberg and Haywood Securities

$-

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$-

$5.00

$10.00

$15.00

$20.00

$25.00

23-Jan-19 23-Jun-19 23-Nov-19

Go

ld U

S$/o

z

Silv

er U

S$/o

z

Silver -0.8% WoW $17.79/oz Gold 0.8% WoW $1,569/oz

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

23-Jan-19 23-May-19 23-Sep-19 23-Jan-20

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

Co

pp

er &

Zin

c U

S$/l

b

Nic

kel U

S$/l

b

Zinc -3.5% WoW $1.07/lb

Copper -4.7% WoW $2.70/lb

Nickel -3.1% WoW $6.02/lb

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

23-Jan-19 23-May-19 23-Sep-19 23-Jan-20

0

50

100

150

200

250

300

S&P

/TSX

Glo

ba

l Go

ld

S&P

/TSX

Div

ersi

fied

Met

als

& M

inin

g

S&P/TSX Global Gold Index 1.2% WoW

S&P/TSX Diversified Metals & Mining Index -3.1% WoW

No End in Sight as Palladium Price Continues to Surge

Precious Metals While a lot of focus has been centered on the price of gold following its rally in late December/early January on the back of increasing tensions between the U.S. and Iran, it is another precious metal – palladium – that has caught the attention of investors. A critical ingredient in catalytic converters for both petrol and hybrid cars, palladium prices have historically trailed platinum prices until September 2017; from then on, palladium prices have risen 150% in under two and a half years. However, it is the 30% surge since December 23rd that has caught the attention of investors. The major factor likely responsible for the bull market in palladium is a chronic supply shortage, led by increased demand from China especially as environmental regulations on car emissions continues to tighten. The majority of global palladium supply is sourced as a by-product from nickel mines in Russia, South Africa and Canada especially. With supply shortfalls expected to continue, palladium prices could continue to rise, putting further pressure on the automobile industry. Meanwhile, the price of gold traded flat for much of the week, rising slightly to finish at US$1,563 per ounce. Gold equities were mixed, with both the S&P Global Gold Index and VanEck Vectors Junior Gold Miners ETF unchanged from a week ago; some of the better performing gold producing companies this week included Alamos Gold (AGI-T, BUY rating, $10.25 target), up 12% for the week, while B2Gold Corp. (BTO-T, BUY rating, $7.50 target) and Endeavour Mining (EDV-T, BUY rating, $32.00 target) were up 4% and 2.5% respectively. It was a mixed bag for the junior mining and exploration sector during Vancouver’s Cambridge House and Round-up conferences, with some standout performers including Lundin Gold (LUG-T, BUY rating, $10.00 target), Liberty Gold (LGD-T, BUY rating, $1.60 target) and Superior Gold (SGI-V, BUY rating, $1.15 target) up 11%, 10% and 8.5% respectively. Rounding off the week, platinum was unchanged from last week at US$1,005 per ounce, while silver finished slightly lower at US$17.80 per ounce.

Base Metals Fears that the deadly virus spreading from China will hurt economic growth shattered base metal prices this week. Copper fell for a seventh day, closing at $2.70/lb, down 4.7% week over week, while nickel and zinc fell 3.5% and 3.1% respectively to $1.07/lb and $6.02/lb. China has shut down travel in and out of the city of Wuhan to contain the virus, as millions prepare to travel for the Lunar New Year holiday. A global effort has been launched to avoid a repeat of the SARS pandemic seventeen years ago that killed almost 800 people and hurt economies across the region. The spread of the virus has overshadowed what would have otherwise been a constructive week for base metals. Global PMI remained above 50, despite a drop: the JP Morgan Global Manufacturing PMI Index fell to 50.1 from 50.3 in November, after rising for four straight months, suggesting a pick-up in industrial activity. China’s economic data for December were also supportive of base metals prospects: China’s credit data was strong and project approvals picked up with a likelihood that infrastructure investments will accelerate in 2020. Given this backdrop, base metal equities in our coverage universe were all negatively impacted with Trevali Mining Corp (TV: TSX, HOLD, $0.35 target) taking the biggest hit, down 15.7%. The S&P Composite Diversified Metals & Mining Index and LMEX Index are also both down by 3.13% and 3.50% respectively week over week.

Weekly Performance

January 24, 2020

THE WEEKLY DIG



The Weekly Dig

2

January 24, 2020

Contents

Haywood Research: The Week in Review ................................................................................................................ 3

Weekly Commodities ............................................................................................................................................... 7

Commodities Prices and Inventories ....................................................................................................................... 8

Commodities and ETFs .......................................................................................................................................... 11

Upcoming Macroeconomic News .......................................................................................................................... 13

Weekly Indices ........................................................................................................................................................ 14

Weekly Equities ....................................................................................................................................................... 15

Precious Metals Companies .................................................................................................................................. 16

Base Metals Companies ......................................................................................................................................... 18

Major International Miners ................................................................................................................................... 19

Tables

Comparables Tables: Consensus and Haywood Forecasts/Multiples, Plus Market Valuations for In Situ Resources

................................................................................................................................................................................. 20

Precious Metals Companies ................................................................................................................................... 20

Base Metals Companies .......................................................................................................................................... 30

Other Companies (Uranium, Diamond, Cobalt, Coal, Iron) ................................................................................... 34

Junior Exploration Companies Review: Performance of Companies Included in Junior X .................................... 37

Haywood Metals and Currencies Forecasts .......................................................................................................... 38



The Weekly Dig

3 January 24, 2020

Haywood Research: The Week in Review – Covered Companies Publications from the Haywood Research team for the week included the following for industry reports:

Precious Metals Sector Commodity Update: Q4/19 preview and 2020 outlook

Publications from the Haywood Research team for the week included the following market analysis:

Weekly Technical Analysis: Key takeaways and charts of the week

Publications from the Haywood Research team for the week included the following for covered companies:

Asanko Gold Inc. (AKG-T, $1.13): Q4/19 operations results

Minera Alamos Inc. (MAI-V, $0.27): Santana project update

B2Gold Corp. (BTO-T, $5.48): Resource update

Marathon Gold Corp. (MOZ-T, $1.51): Updated resource mineral estimate

Trevali Mining Corp. (TV-T, $0.26): 4Q19 and 2019 production results

Nighthawk Gold Corp. (NHK-T, $2.13): Drilling results

Lumina Gold Corp. (LUM-V, $0.66): Processing flowsheet update

B2Gold Corp. (BTO-T, $5.46): PEA update

Aurion Resources Ltd. (AU-V, $1.90): Coverage initiation

Endeavour Mining Corp. (EDV-T, $25.46): Q4/19 production and 2020 guidance outlook

Publications from the Haywood Research team for the week included the following for uncovered companies:

GT Gold Corp. (GTT-V, $1.17): Drilling results

Luminex Resources Corp. (LR-V, $0.72): Drilling results

IsoEnergy Ltd. (ISO-V, $0.39): Drilling results

INDUSTRY REPORTS

Precious Metals Sector Commodity Update

Our Take: Having briefly breached US$1,600 per ounce earlier this year, and generally maintaining a pricing level above US$1,550 per ounce, gold pricing looks strong in an environment of global financial and geopolitical uncertainty. In spite of witnessing an appreciable uplift in price during 2019, gold price has regained and added to the boon of last year, and we venture into 2020 on the back of a wave of consolidation in the sector. Increasing commodity price buoyancy together with a growing period of top down operations success from the senior producers has collectively reinvigorated the gold sector’s underlying financial performance that in 2019 translated to even higher operating cash flow, free cash flow, and dividend distribution. Last year also featured record M&A transaction values that most interestingly included consolidation within the mid-tier producers through a wave acquisitions of single producing assets (via single asset sale, or corporate acquisition) where a trend of Australian-led acquisition appears to be building.

Precious Metals Sector: Q4/19 preview and 2020 Outlook – January 22, 2020

TECHNICAL ANALYSIS

Weekly Technical Analysis

Equities: Global equity markets continue to advance despite signs of overheating on a short-term basis. While we continue to prefer adding exposure on a pullback or consolidation phase from a tactical risk management perspective, our intermediate-term bullish call on equities remains intact. Last week, we saw strong price action in small and micro-caps in the US along with new all-time highs in the major indices. In Canada, while the TSX Composite continued to hit new all-time highs, we started to see the TSX Venture Composite gain relative strength as it forms a cup and handle basing pattern. We view this as evidence of rising risk appetite in the Canadian equity market. Earnings season continues over the next few weeks with several major S&P 500 constituents reporting. Given the stretched conditions in the CBOE put/call ratio (heavily skewed in favor of calls) and the compression in implied volatility, we expect any negative surprises in earnings could result in volatile daily swings.

Technical Analysis – January 20, 2020

https://clients.haywood.com/uploadfiles/secured_reports/PMJan222020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/TAJan202020.pdf



The Weekly Dig

4 January 24, 2020

COVERED NAMES

Asanko Gold Inc. (AKG-T, $1.13) | Rating » Hold | Target » $1.15

Our Take: AKG delivered a notable quarter as record gold production of 66.1 koz exceeded our expectations of 63.6 koz on record mill throughput. Preliminary total cash costs of US$863/oz Au and AISC of US$969/oz Au were below our estimates for US$941/oz Au and US$1,031/oz Au, respectively. Full-year production of 251 koz, exceeded the upper-end of corporate guidance of 225-245 koz Au, and our forecast of 249 koz. Of particular note, AKG is anticipated to release both 2020 production and cost guidance, and the long-awaited results of the AGM LOM plan update in mid-February.

Gold Production Exceeds Expectations; 2020 Corporate Guidance and LOM Plan Expected to be Delivered Next Month– January 17, 2020

Minera Alamos Inc. (MAI-V, $0.27) | Rating » Buy | Target » $0.50

Our Take: The Santana project recently received MIA permit approval, secured financing, and has now commenced construction. With a 6-8-month construction window, Santana will be producing gold by year-end. On January 16, Minera Alamos announced the start of construction at its Santana Gold Mine in Sonora, Mexico. Construction is expected to take around 6 to 8 months. Over the next two months, Minera Alamos will start site clearing and preparation for the leach pads, the holding pads, and will start road construction. – The Santana Gold Project does not have a completed feasibility study or technical report, however, results from the 50,000 tonne bulk heap-test completed between 2018 and 2019 were positive and management built the Castillo mine in Mexico in the same fashion. For 2020 we model 15,000 ounces of production in a partial year, followed by 35,000 ounces in 2021 with AISC of ~US$800 per ounce.

Minera Commences Construction of the Santana Gold Mine – January 17, 2020

B2Gold Corp. (BTO-T, $5.48) | Rating » Buy | Target » $6.50

Our Take: BTO released an updated mineral resource estimate for its flagship project in Mali following > 25,000 metres of RC and DD drilling completed in 2019 aimed at supporting resource base category conversion. The update outlines a good conversion rate to indicated resources, which translated to a significant mass increase, but lesser impact on contained gold ounces due to a reduction in average grade between updates. The revised estimate outlines of 110.6 Mt at an average grade of 1.7 g/t for a total of 6.05 Moz Au within a US$1,500/oz gold pit shell (0.5 g/t Au cut-off), which marks a 0.629 Moz Au from the December, 2018 estimate (excluding realized gold production of 455.8 Moz Au in 2019), which had outlined 87.1 Mt grading 1.87 g/t Au containing 5.24 Moz Au. Overall, we view the update as a modest positive, and await the details of the mine plan update due later this quarter. The deposit remains open to the north, and down plunge.

Fekola Conversion Program Lifts Resources – January 17, 2020

Marathon Gold Corp. (MOZ-T, $1.51) | Rating » Buy | Target » $2.50

Our Take: We continue to like Marathon given it is one of the few un-developed, potentially open pitable gold deposits in Canada and a prime takeover target for a mid-tier or large cap gold producer looking to add to their longer-term production pipeline. Marathon has delivered an updated resource that employs more rigor in terms of restrictive parameters used during the resource estimation process and has yielded a 15% increase of its “high-grade” Measured and Indicated resource from the last resource update in October 2018. While the mineral resource is primarily resource conversion (rather than expansion) this has important implications for both the upcoming PFS study expected in Q2/20 and our modelled resource estimates.

Updated Mineral Resource Estimate; M+I Resource Bodes Well for PFS – January 21, 2020

Trevali Mining Corp. (TV-T, $0.26) | Rating » Hold | Target » $0.26

Our Take: Overall, a good quarter for production, setting up the Company for a stronger year ahead as operational efficiencies take hold. In 4Q19, TV produced 104.8Mlbs of zinc, 13.8Mlbs of lead and 378koz of silver, in line with 3Q19 production of 106.8Mlbs of zinc, 13.6Mlbs of lead, and 400koz of silver, and ahead of our 4Q19 estimates of 89.4Mlbs of zinc, 12.4Mlbs of lead and 369koz of silver. Trevali exceeded 2019 guidance with production of 417.4Mlbs of zinc, 50.3Mlbs of lead and 1,489koz of silver, compared to guidance of 361-401Mlbs of zinc, 44-49Mlbs of lead and 1,322-1,469koz of silver. In 2020, Trevali has guided to production of 380-410Mlbs of zinc, 51-57Mlbs of lead and 1,440-1,580koz of silver at a C1 cost range of $0.85-$0.93/lb and AISC of $0.98-1.08/lb. Following the quarter, we are revising our 2019 EPS estimate to ($0.00) from ($0.02) and CFPS to $0.11 from $0.09. For 2020, we are revising our EPS to $0.03 from $0.05, and CFPS to $0.14 from $0.15, to reflect higher costs than we had projected.

Ending the Year on a High Note – January 21, 2020

https://clients.haywood.com/uploadfiles/secured_reports/AKGJan172020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/AKGJan172020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/MAIJan172020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/BTOJan172020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/MOZJan212020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/TVJan212020.pdf



The Weekly Dig

5 January 24, 2020

Nighthawk Gold Corp. (NHK-T, $2.13) | Rating » Buy | Target » $4.50

Our Take: Nighthawk released results from eight drill holes (4,011 metres) targeting its Zone 1.5 and Zone 2.0 at its Colomac Gold Project. The recent results follow on from the results released from the Company’s main Colomac deposit a couple of weeks ago that showed the zones of gold mineralization at both Zones 1.5 and 2.0 are widening at depth. This release supports these preliminary results and suggests this widening continues to the south. Zone 1.5 appears to widen with depth from 30 metres wide near surface to ~110 metres wide at a downhole depth of 270 metres. Furthermore, the recent drilling supports further southward strike extension of the 500-metre-long wedge-shaped panel of mineralization formed by the amalgamation of Zone 1.5 with northern Zone 2.0. This panel appears to go from ~30 metres wide near surface to 155 metres wide at a vertical depth of 800 metres where it remains open. According to the Company, a total of 29,495 metres of the 35,018-metre program at Colomac have been released to date. Results are pending for the remaining 17 drill holes from the Colomac Main Sill and the Goldcrest Sill (parallel sill that lies 400 metres to the west of the Colomac Main Sill), as well as the last 9 holes (2,796 metres) from the Company’s regional drill program at its Treasure Island Gold Project that are anticipated within the next few weeks.

Higher-grades Zones at Colomac Continue to Widen at Depth – January 21, 2020

Lumina Gold Corp. (LUM-V, $0.66) | Rating » Buy | Target » $1.50

Our Take: Lumina announced the conclusion of two trade off studies undertaken to evaluate multiple flowsheet scenarios prior to the delivery of the upcoming PEA update (due in Q2/20). The first study evaluated comminution options via the implementation of high-pressure grinding rolls (HPGR) to replace the 2018 PEA SAG mill design. The second study evaluated the addition of a CIL circuit to optimize gold recoveries and facilitate the production of doré on site. The outcomes of both studies reportedly outline the potential for favourable enhancements to processing costs and revenue generation (via improved gold recoveries), and we await the delivery of the upcoming PEA (Q2/20), together with an optimized mine plan, to confirm the magnitude of their integration on the project’s NPV. Lumina continues to differentiate from peers through organic growth and given today’s announcement we continue to believe the Company is well positioned to garner further focus from larger and intermediate-scale producers alike. We view the current P/NAV multiple of 0.33x quite favourably, in the context of Lumina’s peers trading at a significantly higher multiple of ~0.60x.

Engineers at the Wheel: Accretive Flowsheet Enhancements at Cangrejos – PEA Due in Q2/20 – January 21, 2020

B2Gold Corp. (BTO-T, $5.46) | Rating » Buy | Target » $6.50

Our Take: The next leg in the production stool stems assured on the publication of the Gramolate PEA (BTO: 50%). Project economics, design, and scale are compelling and furnish a post-tax NPV5% of US$671 million at US$1,350 per ounce gold, and US$928 million at US$1,500 per ounce gold with an IRR of 21.9%. Gold production over a 13.6 year mine life totals 3.85 Moz gold with the first 5-years of production averaging 416.6 koz gold for a life-of-mine average of 284 koz gold that includes the last four years of operation that processes stockpiles lower grade oxide material. The PEA employed the new resource estimate on Gramolate Ridge as the basis for the study (Indicated resources: 70.11 Mt grading 0.92 g/t gold containing 2.01 Moz gold, and Inferred resources: 79.03 Mt grading 0.79 g/t gold containing 2.01 Moz gold). Drilling is ongoing, and the PEA excludes exploration of resources from Trinidad or Monjas West. The financial outcome of the PEA, at US$1,350 per ounce gold is higher than our US$250 million attributed value for the asset base, and we will integrate the detail into our model on the publication of the PEA. With the feasibility study due out around year’s end, it is perceivable that a decision to develop it surfaces shortly after.

Gramolate PEA Makes the Grade – January 21, 2020

Aurion Resources Ltd. (AU-V, $1.90) | Rating » Buy | Target » $3.50

Our Take: We like Aurion as it is one of only a small group of Companies with a significant land position in the under-explored Central Lapland Greenstone Belt [“CLGB”] in Finland, which in our view remains one of the most attractive exploration and mining investment destinations in the world. Key to our positive view on Aurion is its sizeable, largely unexplored land package (100,000 Ha). Aurion has made great advances at Aamurusko, defining a geological model that has aided drill targeting, while preliminary work at Launi suggests it could be a future flagship project. We view Aurion as an ideal segue for a gold producer to gain a foothold in northern Finland.

Initiating Coverage: Several Stars Primed to Shine in this Aurion’s Belt – January 23, 2020

Endeavour Mining Corp. (EDV-T, $25.46) | Rating » Buy | Target » $32.00

Our Take: Q4/19 consolidated gold production of ~178 koz was in-line with our expectations of ~176 koz (consensus of 177 koz), on similar production from all assets (excluding a modest beat at Agbaou), with preliminary AISC of US$820/oz Au, slightly bettering our estimate of US$875/oz Au (consensus of US$902/oz). FY19 gold production totaled 651 koz at an AISC of US$813/oz, achieving the bottom end of corporate production guidance of 650 – 695 koz Au, and AISC of US$794 – 895/oz Au. 2020 guidance outlines a year of production growth, with guidance outlining consolidated gold production of 680 – 740 koz Au (Hay Prelim. Est.: 770 koz Au), at an AISC of US$845 - $895/oz Au (Hay. Prelim. Est.: US$807/oz Au). We highlight that 2020 AISC numbers are partially affected by rollover for 2019 sustaining capital into the subsequent year. We note, the 2020 guidance represents 4.5-13.7% production growth on 2019.

An In-Line Q4; Strong FCF in 2020 Expected to Deliver Growth and Balance Sheet Improvements – January 23, 2020

https://clients.haywood.com/uploadfiles/secured_reports/NHKJan212020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/LUMJan212020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/BTOJan212020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/AUJan232020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/EDVJan232020.pdf



The Weekly Dig

6 January 24, 2020

UNCOVERED NAMES

GT Gold Corp. (GTT-V, $1.17) | Not Rated

Our Take: GT Gold announced drilling results from its Saddle South gold exploration target at its Tatogga Property in northwest BC. Saddle South is situated adjacent to and to the southwest of their Saddle North porphyry target. The recent results consist of 4 drill holes and mark the completion of the Company’s Phase 2, 15,0000 metre exploration program at both Saddle North and Saddle South. While the key focus for GT Gold is the porphyry deposit at Saddle North, Saddle South remains of interest given it could represent a near-surface, high-grade satellite that could improve the economics of any future mine operation. The rationale for the 4 drill holes was to collect structural orientation data from oriented drill core – which was not done during previous drilling campaigns at Saddle North – and material for metallurgical testwork.

Forgotten Saddle South Still Holds Potential – January 17, 2020

Luminex Resources Corp. (LR-V, $0.72) | Not Rated

Our Take: Luminex drilling program on the Camp Zone (90% owned Condor Au-Cu project, South Western Ecuador) released more results from holes completed in 2019 intended to support the delivery of a maiden resource later this quarter. Luminex reported results from six step-out holes, with 12,918 metres of drilling completed at the Camp Zone across 25 holes in 2019. This round of drilling on the Camp Zone highlights the presence of down-plunge high-grade epithermal gold mineralization on CC-21, which site below earlier results in CC-18 showing not only continuity but that mineralization appears to remain open at depth; (See Figure 4). The Project occurs ~30 km south of Lundin Gold’s (LUG-T, Buy Rating, $9.25 Target) 9.5 Moz Fruta Del Norte gold mine (Ecuador’s latest producing mine) comprises of several deposits, including epithermal systems at Los Cuyes, Soledad and Enma in the north and at the Santa Barbara Au-Cu porphyry deposit in the south. The results include assays from holes CC19-19 through CC19-25 together with CC19-04 ext, with the primary notable intersection from hole CC19-21 (a hole drilled below CC19-18) seemingly showing continuity of gold mineralization within the host rhyolite at the contact with a fabric-bearing granodiorite. Many of the other drill holes also localized high-grade gold intervals (e.g., 04-ext, -19, and -25) over comparatively narrow widths.

Drilling Outlines More Step Out Results Ahead of Maiden Resource – January 21, 2020

IsoEnergy Ltd. (ISO-V, $0.39) | Not Rated

Our Take: IsoEnergy, which was featured in the latest Haywood Junior Exploration report, has commenced an 8,500 metre winter drill program targeting the Hurricane Zone at its 100%-owned Larocque East uranium property in the Eastern Athabasca Basin. The winter program will focus on delineating and extending the 500 m long Hurricane zone originally discovered in July 2018. The deposit remains open to the east and west along strike and through most cross sections, notably near high-potential sections such as 4635E where ISO intersected 7.0 metres grading 5.4% U3O8 in hole LE19-16A. ISO is among a very short list of uranium exploration plays delivering interesting results with the potential to evolve the Hurricane Zone into a significant new deposit. The 2-rig, 20-hole winter drill program is fully funded, and we expect it to generate a steady flow of news over the next few months as ISO carries out the campaign. ISO’s strong technical team is driving an exploration strategy built on interpretation of geophysical data that is bearing fruit and rapidly uncovering the project’s potential. The winter drill program will likely cost in the $2.2-$2.4 million range, and with $7.0 million in the treasury ISO should be funded to the end of 2020, depending on how aggressive the Company gets this summer.

Winter Drilling Commences at Hurricane Zone – January 23, 2020

https://clients.haywood.com/uploadfiles/secured_reports/GTTJan172020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/LRJan212020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/ISOJan232020.pdf



The Weekly Dig

7 January 24, 2020

Weekly Commodities

Source: Haywood Securities and Bloomberg

.

Name Close 1Wk Δ 1 week % 1 Month % 3 Month % 6 Month % 12 Month % 5 Day Trend 52W H/L 1W H/L

Gold Spot $ 1,563 $ 10.45 0.7% 5.2% 4.7% 10.2% 21.8% $ 1,611 $ 1,563

US$/oz $ 1,266 $ 1,553

Silver Spot $ 17.80 $ (0.15) (0.8%) 2.0% 1.4% 8.5% 15.8% $ 19.65 $ 18.08

US$/oz $ 14.29 $ 17.79

Platinum Spot $ 1,005 $ 0.23 0.0% 7.3% 9.7% 17.4% 26.5% $ 1,042 $ 1,023

US$/oz $ 780 $ 1,001

Palladium Spot $ 2,461 $ 147.38 6.0% 31.1% 41.0% 61.4% 82.2% $ 2,577 $ 2,545

US$/oz $ 1,268 $ 2,314


Copper Future $ 2.70 $ (0.13) (5.0%) (3.3)% 1.6% 0.2% 0.6% $ 2.98 $ 2.84

US$/lb $ 2.51 $ 2.70

Nickel Spot $ 6.02 $ (0.19) (3.2%) (7.0)% (19.8)% (6.1)% 14.2% $ 8.45 $ 6.32

US$/lb $ 5.23 $ 6.02

Lead Spot $ 0.89 $ (0.01) (1.4%) 3.7% (12.0)% (2.9)% (2.4)% $ 1.03 $ 0.91

US$/lb $ 0.80 $ 0.89

Zinc Spot $ 1.07 $ (0.04) (3.6%) 2.7% (5.9)% (3.1)% (10.3)% $ 1.37 $ 1.12

US$/lb $ 1.00 $ 1.07

Aluminum Spot $ 0.81 $ (0.01) (0.7%) 0.4% 3.6% (0.3)% (5.9)% $ 0.87 $ 0.82

US$/lb $ 0.77 $ 0.81

Iron Ore Spot $ 93.90 $ (0.77) (0.8%) 2.6% 4.8% (21.6)% 25.8% $ 140.00 $ 78.80

US$/t $ 77.70 $ 77.70


Newcastle Coal $ 68.75 $ (3.40) (4.9%) 1.0% (0.9)% (10.1)% (31.6)% $ 99.75 $ 72.15

US$/t $ 64.50 $ 68.75

Uranium Spot $ 24.50 $ (0.05) (0.2%) (3.0)% (1.8)% (4.7)% (19.0)% $ 26.40 $ 24.60

US$/lb $ 26.40 $ 24.50

WTI $ 55.66 $ (2.87) (5.2%) (7.8)% 0.3% (1.1)% 1.8% $ 65.40 $ 58.58

US$/bbl $ 50.08 $ 55.66

Brent $ 62.09 $ (2.53) (4.1%) (5.1)% 3.7% (0.5)% 1.5% $ 71.75 $ 65.20

US$/bbl $ 54.88 $ 62.09

Henry Hub $ 1.94 $ (0.14) (7.0%) (12.4)% (22.3)% (27.1)% (37.4)% $ 3.17 $ 2.08

US$/MMBtu $ 1.83 $ 1.90.

PRECIOUS METALS

BASE METALS

ENERGY



The Weekly Dig

8 January 24, 2020

Commodities Prices and Inventories

Precious Metals


Commodities LME Spot Price Weekly Δ YTD Δ 1 Year Δ

Gold US$ 1,563 /oz 0.7% -4.7% -4.7%

Silver US$ 17.80 /oz -0.8% -0.3% 15.8%

Platinum US$ 1,005 /oz 0.0% 4.0% 26.5%

Spot Price

(8.0%)

(6.0%)

(4.0%)

(2.0%)

-

2.0%

4.0%

6.0%

Precious Metals Weekly Change (12 weeks)

Gold Spot Silver Spot Platinum Spot



The Weekly Dig

9 January 24, 2020

Base Metals


Commodities LME Spot Price Weekly Δ YTD Δ 1 Year Δ

Copper US$ 2.70 /lb -4.7% -3.1% 0.6%

Zinc US$ 1.07 /lb -3.5% 3.4% -10.3%

Nickel US$ 6.02 /lb -3.1% -4.8% 14.2%

Commodities LME Inventory Weekly Δ Total (t) YTD Δ 1 Year ΔDays of

Consumption

Copper 190,350 50.1% 378,423 24% 12% 5.8

Zinc 50,550 -2.0% 99,823 26% -32% 2.8

Nickel 192,912 5.4% 229,844 22% 6% 37.4

. .

LME Inventory Total Inventory Excluding Bonded Warehouse Inventory

Spot Price

(10.0%)

(8.0%)

(6.0%)

(4.0%)

(2.0%)

-

2.0%

4.0%

6.0%

Base Metals Weekly Change (12 weeks)

LME Copper Spot LME Zinc Spot LME Nickel Spot



The Weekly Dig

10 January 24, 2020


1

Note: Total Inventories exclude the bonded warehouse inventories

31-Jan-1728-Feb-1731-Mar-1730-Apr-1731-May-1730-Jun-1731-Jul-1731-Aug-1730-Sep-1731-Oct-1730-Nov-1731-Dec-1731-Jan-1828-Feb-1831-Mar-1830-Apr-1831-May-1830-Jun-1831-Jul-1831-Aug-1830-Sep-1831-Oct-1830-Nov-1831-Dec-1831-Jan-1928-Feb-1931-Mar-1930-Apr-1931-May-1930-Jun-1931-Jul-1931-Aug-1930-Sep-1931-Oct-1930-Nov-1931-Dec-19

-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

$ -

$ 0.50

$ 1.00

$ 1.50

$ 2.00

$ 2.50

$ 3.00

$ 3.50

Ton

nes

of I

nve

nto

ries

Co

pp

er (U

S $

/lb

)

Copper Price & Inventories

CU Del Stocks LME COPPER TOTAL Comex Copper Stocks LME Copper Price


-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

$ -

$ 0.20

$ 0.40

$ 0.60

$ 0.80

$ 1.00

$ 1.20

$ 1.40

$ 1.60

$ 1.80

Ton

nes

of I

nve

nto

ries

Zin

c (U

S $

/lb

)

Zinc Price & Inventories

LME ZINC TOTAL SHFE Zinc Weekly Inventory Zi LME Zinc Price


-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

$ -

$ 1.00

$ 2.00

$ 3.00

$ 4.00

$ 5.00

$ 6.00

$ 7.00

$ 8.00

$ 9.00

Ton

nes

of I

nve

nto

ries

Nic

kel

(US

$/l

b)

Nickel Price & Inventories

LME NICKEL TOTAL Del Stk Total LME Nickel Price


-

50,000

100,000

150,000

200,000

250,000

300,000

$ -

$ 0.20

$ 0.40

$ 0.60

$ 0.80

$ 1.00

$ 1.20

$ 1.40

Ton

nes

of I

nve

nto

ries

Lead

(U

S $

/lb

)

Lead Price & Inventories

LME LEAD TOTAL Lead Del Stocks/Total LME Lead Price



The Weekly Dig

11 January 24, 2020

Commodities and ETFs: A Week in Action

Gold – 1-Year US$/oz (left) and Total ETF Holdings (right)

Spot: Gain (+0.7%) for the week

ETF Holdings: 81,828,373 ounces, up 641,161 ounces for the week

Silver – 1-Year US$/oz (left) and Total ETF Holdings (right)

Spot: Loss (-0.8%) for the week

ETF Holdings: 598,164,921 ounces, down 1,707,087 ounces for the week

Platinum – 1-Year US$/oz (left) and Total ETF Holdings (right)


ETF Holdings: 3,335,889 ounces, up 26,274 ounces for the week

Palladium – 1-Year US$/oz (left) and Total ETF Holdings (right)


ETF Holdings: 612,759 ounces, down 13,011 ounces for the week

Copper – 1-Year US$/lb (left) and LME Inventory (right)

Futures: Loss (-4.7%) for the week

LME Copper: 190,350 tonnes, up 63,575 tonnes for the week

$1,050

$1,150

$1,250

$1,350

$1,450

$1,550

Jan-19 Jan-20Gold ($/oz)

Price

100D MA61

66

71

76

81

86

Jan-19 Jan-20Gold ETF Holdings (Moz)

$13.00

$16.00

$19.00

Jan-19 Jan-20Silver ($/oz)

Price

100D MA

500520540560580600620640

Jan-19 Jan-20Silver ETF Holdings (Moz)

$700

$900

$1,100

Jan-19 Jan-20Platinum ($/oz)

Price

100D MA

2.2

2.7

3.2

3.7

Jan-19 Jan-20Platinum ETF Holdings (Moz)

$460

$1,460

$2,460

$3,460

Jan-19 Jan-20Palladium ($/oz)

Price

100D MA

0.5

0.7

0.9

Jan-19 Jan-20Palladium ETF Holdings (Moz)

$2.00

$3.00

$4.00

Jan-19 Jan-20Copper ($/lb)

Price

100D MA

100,000

200,000

300,000

400,000

Jan-19 Jan-20LME Copper Inventories (t)



The Weekly Dig

12 January 24, 2020

Nickel – 1-Year US$/lb (left) and LME Inventory (right)


LME Nickel: 192,912 tonnes, up 9,900 tonnes for the week

Lead – 1-Year US$/lb (left) and LME Inventory (right)


LME Lead: 66,200 tonnes, down 175 tonnes for the week

Zinc – 1-Year US$/lb (left) and LME Inventory (right)


LME Zinc: 50,550 tonnes, down 1,025 tonnes for the week

Iron – 1-Year US$/t 62% Fe (left) and 1-Year US$/t Newcastle (right)

Newcastle Thermal Futures: Loss (-1.9%) for the week

62% Fe Iron Ore: Loss (-0.8%) for the week

Uranium – 1-Year US$/lb Short Term (left) and Long-term (right)

Uranium Long: Loss (-0.4%) for the week

Source: Bloomberg, UxC Consulting, and Haywood Securities

$3.70

$5.20

$6.70

$8.20

Jan-19 Jan-20Nickel ($/lb)

Price

100D MA

50,000

100,000

150,000

200,000

250,000

300,000

Jan-19 Jan-20LME Nickel Inventories (t)

$0.75

$0.95

$1.15

Jan-19 Jan-20Lead ($/lb)

Price

100D MA

50,000

70,000

90,000

110,000

130,000

150,000

170,000

Jan-19 Jan-20LME Lead Inventories (t)

$0.90

$1.40

Jan-19 Jan-20Zinc ($/lb)

Price

100D MA

40,000

90,000

140,000

190,000

240,000

290,000

Jan-19 Jan-20LME Zinc Inventories (t)

$50

$90

$130

Jan-19 Jan-2062% Iron Ore ($/t)

Price

100D MA

$60

$110

Jan-19 Jan-20Newcastle Therma Coal (USD/t)

Price

100D MA

$18

$23

$28

Jan-19 Uranium Spot ($/lb)

Price

100D MA

$20

$25

$30

$35

Jan-19 Uranium Long-Term ($/lb)

Price

100D MA



The Weekly Dig

13 January 24, 2020

Upcoming Macroeconomic News and Events

Source: Bloomberg

Date Event Period Survey Prior Relevance

United States01/24/20 Markit US Manufacturing PMI Jan P 52.4 52.4 9001/24/20 Markit US Services PMI Jan P 53 52.8 7001/24/20 Markit US Composite PMI Jan P -- 52.7 7001/27/20 New Home Sales Dec 730k 719k 9101/27/20 Dallas Fed Manf. Activity Jan -1.6 -3.2 6401/28/20 Durable Goods Orders Dec P 1.20% -2.10% 9301/28/20 Durables Ex Transportation Dec P 0.40% -0.10% 7401/28/20 Conf. Board Consumer Confidence Jan 128 126.5 9401/28/20 Richmond Fed Manufact. Index Jan -3 -5 7101/29/20 MBA Mortgage Applications 24-Jan -- -1.20% 9201/29/20 Wholesale Inventories MoM Dec P -- -0.10% 8101/29/20 Pending Home Sales MoM Dec 0.70% 1.20% 7701/29/20 FOMC Rate Decision (Upper Bound) 29-Jan 1.75% 1.75% 9801/30/20 GDP Annualized QoQ 4Q A 2.20% 2.10% 9701/30/20 Personal Consumption 4Q A 2.30% 3.20% 6801/30/20 GDP Price Index 4Q A 1.80% 1.80% 7701/30/20 Core PCE QoQ 4Q A 1.60% 2.10% 6801/30/20 Initial Jobless Claims 25-Jan -- 211k 9801/30/20 Continuing Claims 18-Jan -- 1731k 6901/30/20 Bloomberg Consumer Comfort 26-Jan -- 66 6701/31/20 Employment Cost Index 4Q 0.70% 0.70% 7501/31/20 Personal Income Dec 0.30% 0.50% 8501/31/20 Personal Spending Dec 0.30% 0.40% 8501/31/20 MNI Chicago PMI Jan 48.9 48.9 8201/31/20 U. of Mich. Sentiment Jan F 99 99.1 94


Canada01/24/20 Retail Sales MoM Nov 0.60% -1.20% 7901/24/20 Retail Sales Ex Auto MoM Nov 0.50% -0.50% 7401/31/20 GDP MoM Nov -- -0.10% 8401/31/20 Industrial Product Price MoM Dec -- 0.10% 65


China01/30/20 Manufacturing PMI Jan 50.1 50.2 9001/30/20 Non-manufacturing PMI Jan 53.0 53.5 68



The Weekly Dig

14 January 24, 2020

Weekly Indices


.

.

250

252

254

256

258

260

262

264

17,480

17,500

17,520

17,540

17,560

17,580

17,600

17,620

17,640

17,660

17,680

Go

ld I

nd

ex

Co

mp

osi

te I

nd

ex

S&P/TSX Composite Index 0.8% WoW

S&P/TSX Global Gold Index 1.2% WoW

98

100

102

104

106

108

110

17,480

17,500

17,520

17,540

17,560

17,580

17,600

17,620

17,640

17,660

17,680

Ba

se M

eta

ls I

nd

ex

Co

mp

osi

te I

nd

ex

S&P/TSX Composite Index 0.8% WoW

S&P/TSX Global Base Metals Index -3.1% WoW

578

579

580

581

582

583

584

585

586

587

1,660

1,665

1,670

1,675

1,680

1,685

1,690

1,695

S&P

/TSX

Ven

ture

Co

mp

In

dex

Ru

ssel

l 20

00

Ind

ex

Russell 2000 Index 0.2% WoW

S&P/TSX Venture Comp Index -0.1% WoW

3,285

3,290

3,295

3,300

3,305

3,310

3,315

3,320

3,325

3,330

3,335

3,340S&

P 5

00

Ind

ex

S&P 500 Index 1.1% WoW

226

227

228

229

230

231

232

233

234

235

236

NYS

E A

RC

A E

xch

an

ge G

old

BU

GS

Ind

ex

NYSE ARCA Exchange Gold BUGS Index -0.6% WoW

785

790

795

800

805

810

815

NYS

E A

rca

Go

ld M

iner

s In

dex

NYSE Arca Gold Miners Index 0.0% WoW



The Weekly Dig

15 January 24, 2020

Weekly Equities

Equity Weekly Performance – Precious Metals Companies (S&P/TSX Global Mining Index and Haywood Covered Companies)

Source: Capital IQ and Haywood Securities

12%

12%

12%

11%

11%

9%

7%

7%

6%

6%

Alamos Gold Inc.

Falco Resources Ltd.

Goldquest Mining Corp.

Lundin Gold Inc.

Liberty Gold Corp.

Lumina Gold Corp.

Seabridge Gold Inc.

Yamana Gold Inc.

K92 Mining Inc.

Bluestone Resources Inc.

Top Companies

-14%-13%

-11%

-11%

-9%

-8%

-8%

-8%

-7%

Coeur Mining, Inc.

Nighthawk Gold Corp.

New Gold Inc.

Argonaut Gold Inc.

Harte Gold Corp.

Metalla Royalty & Streaming…

TMAC Resources Inc.

Royal Nickel Corporation

First Majestic Silver Corp.

Bottom Companies

1Wk 52Wk 1Wk 52Wk

$∆ High $∆ High

TSX:AEM Agnico Eagle Mines Limited 80.07 1.36 2% 86.39 52.10 TSXV:LUM Lumina Gold Corp. 0.71 0.06 9% 0.78 0.50

TSX:ASR Alacer Gold Corp. 6.32 (0.32) (5)% 7.66 2.89 TSX:LUG Lundin Gold Inc. 9.79 0.99 11% 9.43 4.76

TSX:AGI Alamos Gold Inc. 8.16 0.87 12% 10.12 5.14 TSX:MAG MAG Silver Corp. 14.34 0.16 1% 18.60 10.39

NYSE:AU AngloGold Ashanti Limited 26.50 (0.42) (2)% 31.37 14.85 TSX:MOZ Marathon Gold Corporation 1.53 (0.03) (2)% 1.76 0.78

TSX:AR Argonaut Gold Inc. 1.71 (0.21) (11)% 2.87 1.46 NYSE:MUX McEwen Mining Inc. 1.53 (0.07) (4)% 2.81 1.34

TSX:AKG Asanko Gold Inc. 1.17 0.04 4% 1.45 0.68 TSXV:MTA Metalla Royalty & Streaming Ltd. 7.54 (0.68) (8)% 8.61 3.28

TSXV:AU Aurion Resources Ltd. 1.92 (0.10) (5)% 2.35 0.85 TSX:MAX Midas Gold Corp. 0.60 (0.02) (3)% 1.00 0.51

TSX:BTO B2Gold Corp. 5.56 0.22 4% 5.63 3.24 TSXV:MAI Minera Alamos Inc. 0.27 - - 0.32 0.10

TSX:ABX Barrick Gold Corporation 24.24 0.64 3% 26.69 15.62 TSX:NGD New Gold Inc. 1.20 (0.15) (11)% 2.03 0.82

TSXV:BSR Bluestone Resources Inc. 1.47 0.08 6% 1.60 0.85 NYSE:NEM Newmont Corporation 57.48 0.32 1% 57.98 39.15

TSX:CG Centerra Gold Inc. 9.65 0.11 1% 13.00 6.36 TSX:NHK Nighthawk Gold Corp. 2.08 (0.32) (13)% 3.65 1.55

TSX:CGG China Gold International Resources Corp. Ltd.1.10 (0.07) (6)% 1.93 0.88 TSX:NG NovaGold Resources Inc. 12.12 0.54 5% 12.00 4.57

NYSE:CDE Coeur Mining, Inc. 7.85 (1.32) (14)% 10.90 3.66 TSX:OGC OceanaGold Corporation 2.42 (0.02) (1)% 4.73 2.12

NYSE:BVN Compañía de Minas Buenaventura S.A.A.17.35 (0.51) (3)% 23.48 17.40 TSX:OR Osisko Gold Royalties Ltd 12.57 0.22 2% 17.47 11.00

TSX:CNL Continental Gold Inc. 5.45 0.02 0% 5.46 1.76 TSX:OSK Osisko Mining Inc. 3.77 (0.08) (2)% 4.19 2.51

TSX:DGC Detour Gold Corporation 24.20 (0.86) (3)% 26.14 11.22 TSX:PAAS Pan American Silver Corp. 29.09 0.87 3% 31.23 13.83

TSX:ELD Eldorado Gold Corporation 9.61 (0.05) (1)% 13.34 3.49 TSX:PG Premier Gold Mines Limited 1.66 - - 2.55 1.41

TSX:EDV Endeavour Mining Corporation 25.39 0.62 3% 28.98 17.24 TSX:PVG Pretium Resources Inc. 13.52 (0.35) (3)% 18.30 9.00

TSX:EDR Endeavour Silver Corp. 2.77 (0.12) (4)% 4.26 2.21 TSXV:PGM Pure Gold Mining Inc. 0.75 (0.04) (5)% 0.88 0.49

TSX:EQX Equinox Gold Corp. 11.01 0.04 0% 11.51 4.90 TSX:ROXG Roxgold Inc. 0.88 (0.07) (7)% 1.42 0.75

TSXV:FPC Falco Resources Ltd. 0.33 0.04 12% 0.37 0.19 TSX:RNx Royal Nickel Corporation 0.43 (0.04) (8)% 0.76 0.33

TSXV:FIL Filo Mining Corp. 1.91 (0.04) (2)% 3.25 1.80 NasdaqGS:RGLD Royal Gold, Inc. 148.15 (1.81) (1)% 182.53 106.08

TSX:FR First Majestic Silver Corp. 13.41 (0.99) (7)% 16.50 6.86 TSX:SBB Sabina Gold & Silver Corp. 1.87 0.02 1% 2.28 0.99

TSX:FVI Fortuna Silver Mines Inc. 5.13 0.03 1% 6.12 3.22 TSX:SSL Sandstorm Gold Ltd. 8.98 (0.12) (1)% 9.89 6.04

TSX:FNV Franco-Nevada Corporation 142.71 5.40 4% 142.72 93.24 NYSE:SA Seabridge Gold Inc. 18.64 1.29 7% 21.77 14.40

NYSE:GFI Gold Fields Limited 8.21 0.28 3% 8.98 4.58 TSX:SMF SEMAFO Inc. 2.61 (0.04) (2)% 5.75 2.36

TSX:GSC Golden Star Resources Ltd. 3.85 (0.28) (7)% 6.48 3.36 NYSE:SBGL Sibanye Gold Limited 13.52 0.22 2% 14.82 3.74

TSXV:GQC Goldquest Mining Corp. 0.15 0.02 12% 0.23 0.08 TSX:SVM Silvercorp Metals Inc. 7.25 (0.02) (0)% 7.69 2.70

TSX:GUY Guyana Goldfields Inc. 0.66 0.01 2% 1.84 0.46 TSX:SSRM SSR Mining Inc. 23.50 0.25 1% 25.33 14.23

NYSE:HMY Harmony Gold Mining Company Limited 4.60 (0.01) (0)% 5.17 2.06 TSX:STGO Steppe Gold Ltd. 0.82 (0.05) (6)% 1.14 0.59

TSX:HRT Harte Gold Corp. 0.16 (0.02) (9)% 0.41 0.09 TSXV:SGI Superior Gold Inc. 0.74 0.04 6% 1.14 0.38

NYSE:HL Hecla Mining Company 4.13 (0.08) (2)% 4.62 1.59 TSX:TMR TMAC Resources Inc. 2.75 (0.23) (8)% 6.95 2.67

TSX:IMG IAMGOLD Corporation 3.87 (0.24) (6)% 5.55 3.08 TSX:TXG Torex Gold Resources Inc. 17.40 (0.51) (3)% 21.91 11.41

TSX:IVN Ivanhoe Mines Ltd. 3.78 (0.13) (3)% 4.54 2.25 TSX:TML Treasury Metals Inc. 0.27 0.01 2% 0.42 0.21

TSXV:KNT K92 Mining Inc. 3.48 0.21 6% 3.41 1.04 TSX:TLG Troilus Gold Corp. 0.59 (0.01) (2)% 1.16 0.52

TSX:K Kinross Gold Corporation 6.24 0.25 4% 7.24 4.04 TSX:WDO Wesdome Gold Mines Ltd. 8.87 (0.25) (3)% 10.47 3.96

TSX:KL Kirkland Lake Gold Ltd. 56.02 (1.57) (3)% 67.87 36.61 TSX:WPM Wheaton Precious Metals Corp. 38.35 1.83 5% 40.95 24.99

TSX:LGD Liberty Gold Corp. 1.32 0.13 11% 1.34 0.33 TSX:YRI Yamana Gold Inc. 5.18 0.32 7% 5.24 2.41

Low%∆CompanyTicker Close%∆ LowCompany CloseTicker



The Weekly Dig

16 January 24, 2020

Weekly Performance – Precious Metals Companies (Covered Large Cap)


.

.

11.9%

4.1%

2.9%

2.5%

1.9%

(0.5%)

(0.8%)

(1.5%)

(3.4%)

ALAMOS GOLD INC-CLASS A

B2GOLD CORP

BARRICK GOLD CORP

ENDEAVOUR MINING CORP

OSISKO GOLD ROYALTIES LTD

ELDORADO GOLD CORP

OCEANAGOLD CORP

SEMAFO INC

DETOUR GOLD CORP

Weekly Price Change

13.5%

10.1%

7.6%

5.9%

4.1%

1.5%

(0.7%)

(1.1%)

(2.0%)

B2GOLD CORP


OCEANAGOLD CORP


BARRICK GOLD CORP


DETOUR GOLD CORP

SEMAFO INC

ELDORADO GOLD CORP

1-Month Price Change

30.8%

24.7%

22.5%

12.3%

10.4%

2.1%

(6.7%)

(20.4%)

(34.6%)

B2GOLD CORP

DETOUR GOLD CORP


BARRICK GOLD CORP



ELDORADO GOLD CORP

OCEANAGOLD CORP

SEMAFO INC


30.5%

21.4%

7.0%

2.9%

(2.4%)

(6.6%)

(18.3%)

(38.4%)

(50.8%)

B2GOLD CORP

DETOUR GOLD CORP

BARRICK GOLD CORP


ELDORADO GOLD CORP



OCEANAGOLD CORP

SEMAFO INC


172.2%

95.8%

57.2%

54.3%

48.3%

25.9%

7.1%

(7.4%)

(48.4%)

ELDORADO GOLD CORP

DETOUR GOLD CORP


BARRICK GOLD CORP

B2GOLD CORP



SEMAFO INC

OCEANAGOLD CORP

1-Year Price Change



The Weekly Dig

17 January 24, 2020

Weekly Performance – Precious Metals Companies (Covered Small Cap)


.

.

11.3%

10.1%

10.0%

10.0%

8.9%

8.5%

7.0%

3.5%

1.9%

1.9%

1.1%

0.4%

0.0%

(1.0%)

(1.7%)

(1.9%)

(2.1%)

(3.0%)

(3.2%)

(5.1%)

(5.7%)

(7.4%)

(7.5%)

(8.3%)

(8.8%)

(13.0%)

LUNDIN GOLD INC

LIBERTY GOLD CORP

FALCO RESOURCES LTD

LUMINA GOLD CORP

BLUESTONE RESOURCES INC

SUPERIOR GOLD INC

K92 MINING

ASANKO GOLD INC

TREASURY METALS INC

MINERA ALAMOS INC

SABINA GOLD & SILVER CORP

EQUINOX GOLD CORP

GOLDQUEST MINING CORP

FILO MINING CORP

TROILUS GOLD CORP

MARATHON GOLD CORP

OSISKO MINING INC

AURION RESOURCES LTD

MIDAS GOLD CORP

PURE GOLD MINING INC

STEPPE GOLD LTD

ROXGOLD INC

ROYAL NICKEL CORP

METALLA ROYALTY & STREAMING

HARTE GOLD CORP

NIGHTHAWK GOLD CORP

Weekly Price Change

44.0%

40.0%

29.6%

25.7%

23.3%

18.6%

17.9%

14.9%

13.1%

7.3%

5.6%

5.0%

4.5%

1.6%

0.0%

0.0%

0.0%

(1.1%)

(3.0%)

(4.3%)

(5.3%)

(7.3%)

(7.6%)

(8.3%)

(8.9%)

(10.4%)

LIBERTY GOLD CORP

SUPERIOR GOLD INC

K92 MINING

LUNDIN GOLD INC

LUMINA GOLD CORP

EQUINOX GOLD CORP

FALCO RESOURCES LTD



TROILUS GOLD CORP


OSISKO MINING INC

ASANKO GOLD INC


MIDAS GOLD CORP

HARTE GOLD CORP



FILO MINING CORP

ROXGOLD INC

TREASURY METALS INC

MARATHON GOLD CORP

NIGHTHAWK GOLD CORP

MINERA ALAMOS INC

STEPPE GOLD LTD

ROYAL NICKEL CORP


55.6%

47.2%

40.4%

38.5%

36.6%

35.6%

35.1%

34.9%

33.2%

31.0%

28.9%

28.9%

28.6%

27.1%

16.9%

13.2%

9.1%

8.1%

3.8%

(2.5%)

(5.0%)

(7.4%)

(11.9%)

(20.4%)

(25.5%)

(35.4%)

K92 MINING

LIBERTY GOLD CORP

FALCO RESOURCES LTD

EQUINOX GOLD CORP


LUNDIN GOLD INC

SUPERIOR GOLD INC

LUMINA GOLD CORP

OSISKO MINING INC

MINERA ALAMOS INC






ROYAL NICKEL CORP

MIDAS GOLD CORP

NIGHTHAWK GOLD CORP

TREASURY METALS INC

ASANKO GOLD INC

MARATHON GOLD CORP

ROXGOLD INC

TROILUS GOLD CORP

FILO MINING CORP

STEPPE GOLD LTD

HARTE GOLD CORP


101.5%

96.4%

71.4%

66.8%

40.6%

37.4%

26.9%

24.4%

23.8%

19.1%

17.2%

14.6%

8.3%

6.4%

3.9%

(6.8%)

(9.4%)

(10.0%)

(15.7%)

(18.9%)

(20.0%)

(20.0%)

(27.2%)

(28.9%)

(31.8%)

(34.0%)

LIBERTY GOLD CORP

MINERA ALAMOS INC


EQUINOX GOLD CORP

K92 MINING


FALCO RESOURCES LTD

MARATHON GOLD CORP

LUNDIN GOLD INC




LUMINA GOLD CORP

ASANKO GOLD INC

OSISKO MINING INC

STEPPE GOLD LTD

SUPERIOR GOLD INC

TREASURY METALS INC

ROYAL NICKEL CORP

MIDAS GOLD CORP

ROXGOLD INC

NIGHTHAWK GOLD CORP

TROILUS GOLD CORP


FILO MINING CORP

HARTE GOLD CORP


279.7%

221.1%

205.6%

124.4%

120.2%

105.8%

103.1%

82.1%

47.8%

46.1%

34.9%

33.0%

22.7%

17.6%

17.3%

12.4%

4.2%

4.1%

0.0%

(2.4%)

(9.2%)

(12.9%)

(13.2%)

(25.9%)

(36.8%)

LIBERTY GOLD CORP

K92 MINING

MINERA ALAMOS INC



EQUINOX GOLD CORP

LUNDIN GOLD INC

MARATHON GOLD CORP

OSISKO MINING INC


LUMINA GOLD CORP

ASANKO GOLD INC



ROXGOLD INC

NIGHTHAWK GOLD CORP


SUPERIOR GOLD INC

FALCO RESOURCES LTD

STEPPE GOLD LTD

TROILUS GOLD CORP

TREASURY METALS INC

FILO MINING CORP

ROYAL NICKEL CORP

MIDAS GOLD CORP

1-Year Price Change



The Weekly Dig

18 January 24, 2020

Equity Weekly Performance – Base Metals Companies


.

.

2.9%

0.8%

0.0%

0.0%

0.0%

(3.1%)

(3.1%)

(3.1%)

(3.2%)

(3.4%)

(3.5%)

(3.5%)

(3.8%)

(4.7%)

(5.2%)

(6.1%)

(6.3%)

(14.5%)

(15.6%)

(15.7%)

ATALAYA MINING PLC

S&P/TSX COMPOSITE INDEX

NEVADA COPPER CORP

SHERRITT INTERNATIONAL CORP

XANADU MINES LTD

TECK RESOURCES LTD-CLS B

LME NICKEL SPOT ($)

S&P/TSX DIV MTLS&MIN IDX

ADVENTUS MINING CORP

HUDBAY MINERALS INC

LME ZINC SPOT ($)

CAPSTONE MINING CORP

Osisko Metals Inc.

LME COPPER SPOT ($)

LUNDIN MINING CORP

FIRST QUANTUM MINERALS LTD

IMPERIAL METALS CORP

COPPER MOUNTAIN MINING CORP

TASEKO MINES LTD

TREVALI MINING CORP

Weekly Price Change

25.0%

16.1%

11.8%

11.1%

7.9%

5.0%

4.4%

2.9%

2.7%

0.0%

0.0%

(1.1%)

(3.3%)

(5.8%)

(5.9%)

(6.5%)

(7.0%)

(11.4%)

(12.0%)

(15.5%)

Osisko Metals Inc.

TASEKO MINES LTD

ATALAYA MINING PLC






LME ZINC SPOT ($)

XANADU MINES LTD

NEVADA COPPER CORP


LME COPPER SPOT ($)


LUNDIN MINING CORP

TREVALI MINING CORP

LME NICKEL SPOT ($)



HUDBAY MINERALS INC


72.5%

51.9%

16.1%

14.5%

12.3%

9.2%

7.9%

7.8%

4.9%

4.3%

1.6%

(2.0%)

(4.7%)

(5.9%)

(6.2%)

(6.7%)

(9.4%)

(19.8%)

(22.2%)

(23.1%)

NEVADA COPPER CORP


TASEKO MINES LTD





LUNDIN MINING CORP

TREVALI MINING CORP

ATALAYA MINING PLC

LME COPPER SPOT ($)

Osisko Metals Inc.


LME ZINC SPOT ($)


HUDBAY MINERALS INC


LME NICKEL SPOT ($)

XANADU MINES LTD



49.1%

6.3%

4.9%

4.3%

1.6%

0.2%

(1.4%)

(3.1%)

(6.1%)

(7.3%)

(7.4%)

(14.0%)

(20.9%)

(22.2%)

(22.5%)

(22.8%)

(23.1%)

(28.8%)

(33.0%)

(35.2%)



LUNDIN MINING CORP

ATALAYA MINING PLC

TASEKO MINES LTD

LME COPPER SPOT ($)

NEVADA COPPER CORP

LME ZINC SPOT ($)

LME NICKEL SPOT ($)


Osisko Metals Inc.

TREVALI MINING CORP


XANADU MINES LTD






HUDBAY MINERALS INC


41.4%

30.6%

20.7%

16.7%

15.9%

14.2%

0.6%

0.0%

(4.1%)

(10.0%)

(10.3%)

(12.2%)

(14.5%)

(22.5%)

(29.6%)

(32.1%)

(33.8%)

(39.0%)

(51.2%)


LUNDIN MINING CORP




LME NICKEL SPOT ($)

LME COPPER SPOT ($)

Osisko Metals Inc.


ATALAYA MINING PLC

LME ZINC SPOT ($)

TASEKO MINES LTD


NEVADA COPPER CORP



TREVALI MINING CORP

HUDBAY MINERALS INC


1-Year Price Change



The Weekly Dig

19 January 24, 2020

Equity Weekly Performance – Major International Miners


.

.

1.1%

0.1%

(0.4%)

(3.1%)

(4.5%)

(5.7%)

(6.8%)

(7.4%)

(8.4%)

VALE SA-SP ADR

BHP GROUP LTD-SPON ADR

RIO TINTO PLC-SPON ADR


GLENCORE PLC -UNSP ADR

SOUTHERN COPPER CORP

FREEPORT-MCMORAN INC

ALUMINUM CORP OF CHINA-ADR

ALCOA CORP

Weekly Price Change

2.1%

0.0%

(0.1%)

(0.8%)

(3.9%)

(4.1%)

(6.8%)

(12.0%)

(24.2%)


VALE SA-SP ADR







ALCOA CORP


18.2%

14.2%

13.6%

13.5%

13.0%

0.2%

(0.4%)

(9.4%)

(23.4%)


VALE SA-SP ADR







ALCOA CORP


9.6%

2.7%

(1.5%)

(2.8%)

(4.7%)

(6.3%)

(9.1%)

(29.0%)

(33.0%)




VALE SA-SP ADR




ALCOA CORP



33.2%

24.7%

19.6%

(2.8%)

(9.8%)

(12.0%)

(14.3%)

(32.1%)

(42.4%)





VALE SA-SP ADR




ALCOA CORP

1-Year Price Change

The Weekly Dig



20

January 24, 2020

Comparables Tables – Precious Metals

Large Cap Precious Metals Companies – Market and Valuation Statistics (Haywood Estimates)


Small Cap Precious Metals Companies – Market and Valuation Statistics (Haywood Estimates)


Last Shares MC Target Return NAVPS Primary Target / CFPS

Price (C$) O/S (M) (C$M) (C$) (%) (US$) 2019E 2020E Commodity 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020 2019E 2020E

Alamos Gold Inc. TSX:AGI AGI-T KS $8.16 391 $3,191 $10.25 26% BUY $11.32 $0.75 $0.80 Gold 490 450 $720 $785 $950 $1,040 0.5x 0.7x 7.6x 7.1x 10.4x 9.7x

B2Gold Corp. TSX:BTO BTO-T GM $5.56 1,030 $5,729 $7.50 35% BUY $3.54 $0.54 $0.66 Gold 969 1,002 $595 $530 $832 $802 1.2x 1.6x 8.3x 6.8x 10.6x 8.6x

Barrick Gold Corp TSX:ABX ABX-T KS $24.24 1,778 $43,093 $28.00 16% BUY $10.79 $1.85 $2.50 Gold 5,465 5,225 $675 $705 $870 $855 1.7x 2.0x 13.5x 10.0x 11.5x 8.5x

Detour Gold Corp. TSX:DGC DGC-T KS $24.20 178 $4,301 n/a n/a TENDER $0.80 $1.95 $2.40 Gold 605 585 $775 $790 $1,145 $1,060 n/a n/a 9.3x 7.6x n/a n/a

Eldorado Gold Corp. TSX:ELD ELD-T KS $9.61 165 $1,582 $18.00 87% BUY $12.56 $1.05 $2.40 Gold 985 805 $565 $575 $600 $595 0.6x 1.1x 9.5x 4.1x 13.0x 5.7x

Endeavour Mining Corp. TSX:EDV EDV-T GM $25.39 110 $2,791 $32.00 26% BUY $19.34 $2.79 $3.82 Gold 651 748 $646 $633 $818 $844 1.0x 1.3x 9.2x 6.8x 8.7x 6.4x

OceanaGold Corporation TSX:OGC OGC-T GM $2.42 622 $1,506 $3.00 24% HOLD $2.15 $0.37 $0.63 Gold 511 502 $808 $800 $1,090 $1,073 0.9x 1.1x 5.6x 3.3x 6.2x 3.6x

Osisko Gold Royalties Ltd. TSX:OR OR-T KS $12.57 157 $1,979 $19.50 55% BUY $12.52 $0.47 $0.65 Gold 78 88 0.8x 1.2x 22.4x 16.2x 31.4x 22.7x

SEMAFO Inc. TSX:SMF SMF-T KS $2.61 334 $873 $2.75 5% HOLD $2.85 $0.72 $0.62 Gold 330 312 $545 $730 $780 $1,070 0.7x 0.7x 3.1x 3.6x 2.9x 3.4x

Group Average 0.9x 1.2x 9.8x 7.3x 11.8x 8.6x

C$/US$ = 1.3x 1.315

EV / CFPS Price /

NAV

Target /

NAV

TCC, US$/oz AISC, US$/ozCFPS (US$) Production, ounces 000's Company Ticker Analyst Rating



Asanko Gold Inc. TSX:AKG AKG-T GM $1.17 225 $263 $1.15 (2%) HOLD $1.58 $0.05 $0.36 Gold 251 292 $850 $769 $1,110 $885 0.6x 0.6x 16.1x 2.3x 16.9x 2.4x

Aurion Resources Ltd. TSXV:AU AU-V MC $1.92 83 $160 $3.50 82% BUY $2.65 ($0.00) ($0.02) Gold 0.6x 1.0x - - - -

Bluestone Resources Inc. TSXV:BSR BSR-V KS $1.47 77 $113 $3.00 104% BUY $2.63 ($0.08) ($0.08) Gold 0.4x 0.9x - - - -

Equinox Gold Corp. TSX:EQX EQX-T KS $11.01 113 $1,249 $14.50 32% BUY $10.99 $0.83 $1.53 Gold 201 270 $760 $785 $975 $1,005 0.8x 1.0x 12.4x 6.7x 13.3x 7.2x

Falco Resources Ltd. TSXV:FPC FPC-V PV $0.33 208 $69 $0.40 21% HOLD $1.26 ($0.01) ($0.05) Gold - - - - - - 0.2x 0.2x - - - -

Filo Mining Corp. TSXV:FIL FIL-V GM $1.91 88 $168 $4.60 141% BUY $3.93 ($0.20) ($0.27) Gold - - - - - - 0.4x 0.9x - - - -

Gold Road Resources Limited ASX:GOR GOR-AU GM $1.23 879 $1,082 $0.85 (31%) HOLD $0.72 ($0.02) $0.09 Gold 2 216 $3,285 $731 $5,222 $754 1.3x 0.9x - 12.0x - 7.5x

Goldquest Mining Corp. TSXV:GQC GQC-V PV $0.15 257 $37 $0.08 (45%) Sell $0.06 ($0.01) ($0.01) Gold - - - - - - 1.8x 1.0x - - - -

Harte Gold Corp. TSX:HRT HRT-T PV $0.16 677 $105 $0.25 61% HOLD $0.25 ($0.01) $0.03 Gold 27 45 $1,316 $995 $1,834 $1,320 0.5x 0.8x - 7.6x - 6.5x

K92 Mining Inc. TSXV:KNT KNT-V MC $3.48 213 $741 $4.75 36% BUY $3.66 $0.14 $0.34 Gold 81 113 $652 $844 $844 $795 0.7x 1.0x 19.1x 7.8x 26.1x 10.6x

Liberty Gold Corp. TSX:LGD LGD-T MC $1.32 239 $316 $1.60 21% BUY $1.29 ($0.04) ($0.06) Gold 0.8x 0.9x - - - -

Lumina Gold Corp. TSXV:LUM LUM-V GM $0.71 331 $235 $1.50 111% BUY $1.62 ($0.07) ($0.07) Gold - - - - - - 0.3x 0.7x - - - -

Lundin Gold Inc. TSX:LUG LUG-T KS $9.79 224 $2,189 $10.00 2% BUY $7.66 ($0.15) C$0.86 Gold - 290 - $450 - $565 1.0x 1.0x - 12.0x - 8.8x

Marathon Gold Corporation TSX:MOZ MOZ-T MC $1.53 179 $274 $2.50 63% BUY $1.92 $0.00 ($0.01) Gold 0.6x 1.0x 3,021.9x - 5,635.4x -

Metalla Royalty & Streaming Ltd. TSXV:MTA MTA-V KS $7.54 34 $255 $8.50 13% HOLD $4.27 C$0.00 C$0.05 Silver 274 164 1.3x 1.5x - 116.4x - 132.8x

Midas Gold Corp. TSX:MAX MAX-T GM $0.60 271 $163 $1.80 200% BUY $1.50 ($0.08) ($0.03) Gold - - - - - -

Minera Alamos Inc. TSXV:MAI MAI-V KS $0.27 406 $110 $0.50 85% BUY $0.49 $0.00 $0.03 Gold - 17 - 825 - 940 0.4x 0.8x - 6.2x - 11.6x

Nighthawk Gold Corp. TSX:NHK NHK-T MC $2.08 45 $94 $4.50 116% BUY $3.44 ($0.02) ($0.35) Gold 0.5x 1.0x - - - -

Osisko Mining Inc. TSX:OSK OSK-T MC $3.77 290 $1,093 $4.50 19% BUY $3.44 ($0.09) ($0.01) Gold 0.8x 1.0x - - - -

Pure Gold Mining Inc. TSXV:PGM PGM-V MC $0.75 358 $269 $1.30 73% BUY $0.97 ($0.04) ($0.04) Gold 0.6x 1.0x - - - -

Royal Nickel Corporation TSX:RNX RNX-T PV $0.43 608 $261 $0.70 63% BUY $0.43 $0.02 $0.07 Gold 64 100 $983 $963 $1,076 $1,023 0.8x 1.2x 21.0x 4.6x 32.9x 7.1x

Roxgold Inc. TSX:ROXG ROXG-T GM $0.88 372 $327 $1.70 93% BUY $1.11 $0.21 $0.24 Gold 142 127 $575 $593 $826 $950 0.6x 1.2x 3.5x 3.0x 6.3x 5.3x

Sabina Gold & Silver Corp. TSX:SBB SBB-T GM $1.87 297 $555 $2.00 7% HOLD $1.67 ($0.01) ($0.01) Gold - - - - - - 0.9x 0.9x - - - -

Steppe Gold Ltd. TSX:STGO STGO-T PV $0.82 45 $37 $1.75 113% BUY $1.28 ($0.12) $0.71 Gold - 60 - $579 - $696 0.5x 1.0x - 1.9x - 1.9x

Superior Gold Inc. TSXV:SGI SGI-V PV $0.74 97 $72 $1.15 55% BUY $1.23 $0.02 $0.42 Gold 83 100 $1 $990 $1 $1,095 0.5x 0.7x 19.6x 1.2x 35.2x 2.1x

Treasury Metals Inc. TSX:TML TML-T GM $0.27 169 $46 $1.00 270% BUY $1.17 ($0.02) ($0.01) Gold - - - - - -

Troilus Gold Corp. TSX:TLG TLG-T PV $0.59 69 $41 $2.00 239% BUY $2.27 ($0.28) ($0.16) Gold - - - - - - 0.2x 0.7x - - - -


* Production & cost figures presented on a gold-equivalent basis C$/US$ = 1.32x 1.315

EV / CFPS Target /

NAV

Price /

NAV

TCC, US$/ozCFPS (US$) Production, ounces 000's AISC, US$/ozTicker Analyst Company Rating

The Weekly Dig



21

January 24, 2020

Precious Metals Companies – Market and Valuation Statistics (Consensus Estimates)


Shares Market Working Enterprise P/NAV

Company O/S Capitalization Capital Value

(millions) (millions) (millions) (millions) (millions) (millions) CFPS CFPS 2019E 2020E 2019E 2020E 2019E 2020E 2019E %

Senior Precious Metals Producers*

Agnico Eagle Mines Limited NYSE:AEM C$ 80.19 239.3 US$ 14,591 US$ 340 US$ 337 US$ 1,363 US$ 16,055 US$ 3.70 US$ 5.09 13 16.5x 12.0x 18.1x 13.2x 15.0x 10.4x 1.9x 1.15

AngloGold Ashanti Limited JSE:ANG C$ 26.87 415.0 US$ 8,479 US$ 349 (US$ 144) US$ 1,324 US$ 10,370 US$ 2.88 US$ 3.91 3 7.1x 5.2x 8.7x 6.4x 6.4x 4.8x 1.3x 0.34

B2Gold Corp. TSX:BTO C$ 5.56 1030.4 US$ 4,356 US$ 146 US$ 327 US$ 333 US$ 4,635 US$ 0.49 US$ 0.67 11 8.6x 6.3x 9.1x 6.7x 7.2x 5.1x 1.5x 0.72

Barrick Gold Corporation TSX:ABX C$ 24.24 1777.8 US$ 32,764 US$ 2,405 US$ 3,666 US$ 5,494 US$ 44,245 US$ 1.71 US$ 2.28 12 10.8x 8.1x 14.6x 10.9x 10.0x 8.7x 1.5x 0.87

Compañía de Minas Buenaventura S.A.A.NYSE:BVN C$ 17.35 254.0 US$ 3,350 US$ 280 US$ 274 US$ 453 US$ 3,893 US$ 0.61 US$ 1.10 2 21.7x 12.0x 25.2x 14.0x 17.0x 11.6x 0.9x 0.89

Evolution Mining Limited ASX:EVN C$ 3.39 1704.3 US$ 4,390 US$ 235 US$ 272 US$ 130 US$ 4,361 US$ 0.27 US$ 0.32 6 9.6x 8.2x 9.6x 8.1x 8.7x 6.6x 1.2x 2.47

Fresnillo Plc LSE:FRES C$ 10.90 736.9 US$ 6,109 US$ 362 US$ 996 US$ 801 US$ 6,671 US$ 0.90 US$ 0.95 4 9.2x 8.7x 10.0x 9.5x 9.0x 7.1x 1.1x 3.27

Gold Fields Limited JSE:GFI C$ 8.35 828.6 US$ 5,262 US$ 535 US$ 391 US$ 2,033 US$ 7,143 US$ 1.14 US$ 1.40 3 5.6x 4.5x 7.5x 6.2x 5.7x 4.5x 1.1x 0.44

IAMGOLD Corporation TSX:IMG C$ 3.87 469.1 US$ 1,380 US$ 651 US$ 749 US$ 400 US$ 1,236 US$ 0.54 US$ 0.85 12 5.5x 3.5x 4.9x 3.1x 4.9x 2.7x 0.6x -

Kinross Gold Corporation TSX:K C$ 6.24 1253.8 US$ 5,948 US$ 426 US$ 1,026 US$ 1,837 US$ 7,435 US$ 0.89 US$ 1.06 14 5.4x 4.5x 6.7x 5.6x 5.6x 4.6x 0.9x -

Newcrest Mining Limited ASX:NCM C$ 28.40 767.0 US$ 16,558 US$ 1,600 US$ 1,570 US$ 1,995 US$ 17,006 US$ 1.67 US$ 1.92 5 12.9x 11.3x 13.3x 11.6x 10.1x 8.4x 1.3x 1.00

Newmont Corporation NYSE:NEM C$ 43.70 808.2 US$ 26,852 US$ 2,869 US$ 3,087 US$ 6,139 US$ 41,067 US$ 3.89 US$ 4.65 12 11.2x 9.4x 13.1x 10.9x 11.2x 8.1x 1.3x 2.28

Northern Star Resources Limited ASX:NST C$ 11.39 733.9 US$ 6,358 US$ 187 US$ 165 - US$ 6,209 US$ 0.47 US$ 0.65 5 18.2x 13.4x 17.8x 13.1x 18.3x 10.0x 1.5x 1.18

Yamana Gold Inc. TSX:YRI C$ 5.18 950.4 US$ 3,743 US$ 108 (US$ 22) US$ 991 US$ 4,809 US$ 0.53 US$ 0.68 14 7.4x 5.8x 9.5x 7.4x 6.4x 6.0x 1.3x 1.03

Group Average - Senior Producers 10.7x 8.1x 12.0x 9.0x 9.7x 7.1x 1.2x 1.30

Group Average - Senior Producers (excluding high/low) 10.2x 8.0x 11.5x 9.1x 9.4x 7.0x 1.3x 1.20

Intermediate Precious Metals Producers **

Alamos Gold Inc. TSX:AGI C$ 8.16 391.1 US$ 2,426 US$ 203 US$ 254 - US$ 2,224 US$ 0.72 US$ 0.68 11 8.6x 9.1x 7.9x 8.4x 7.7x 7.5x 0.8x 0.67

Centerra Gold Inc. TSX:CG C$ 9.65 293.7 US$ 2,155 US$ 80 US$ 671 US$ 69 US$ 2,200 US$ 1.45 US$ 1.99 10 5.1x 3.7x 5.2x 3.8x 4.0x 3.4x 0.8x -

Detour Gold Corporation TSX:DGC C$ 24.20 177.7 US$ 3,270 US$ 144 US$ 139 US$ 100 US$ 3,237 US$ 1.92 US$ 2.14 14 9.6x 8.6x 9.5x 8.5x 9.6x 8.2x 0.9x -

Dundee Precious Metals Inc. TSX:DPM C$ 6.09 180.5 US$ 836 US$ 15 (US$ 4) US$ 27 US$ 871 US$ 0.75 US$ 1.08 7 6.2x 4.3x 6.5x 4.5x 5.7x 3.5x 0.8x -

Eldorado Gold Corporation TSX:ELD C$ 9.61 164.6 US$ 1,203 US$ 138 US$ 212 US$ 450 US$ 1,636 US$ 0.98 US$ 2.16 12 7.4x 3.4x 10.1x 4.6x 7.0x 3.9x 0.6x -

Endeavour Mining Corporation TSX:EDV C$ 25.39 109.9 US$ 2,122 US$ 122 US$ 133 US$ 637 US$ 2,836 US$ 2.84 US$ 3.95 8 6.8x 4.9x 9.1x 6.5x 7.6x 5.8x 1.0x -

Golden Star Resources Ltd. TSX:GSC C$ 3.85 109.3 US$ 320 US$ 57 (US$ 28) US$ 67 US$ 283 US$ 0.35 US$ 0.59 3 8.4x 4.9x 7.4x 4.4x 4.4x 2.9x 0.7x -

Hecla Mining Company NYSE:HL C$ 4.13 506.2 US$ 1,589 US$ 33 US$ 33 US$ 585 US$ 2,173 US$ 0.23 US$ 0.36 7 13.5x 8.8x 18.4x 12.0x 12.8x 9.4x 1.5x 0.32

Highland Gold Mining Limited AIM:HGM C$ 3.31 363.9 US$ 916 US$ 8 (US$ 26) US$ 114 US$ 1,142 US$ 0.44 US$ 0.49 2 5.8x 5.1x 7.2x 6.4x 5.6x 5.3x 0.9x 6.62

Kirkland Lake Gold Ltd. TSX:KL C$ 56.02 209.6 US$ 8,928 US$ 616 US$ 359 - US$ 8,327 US$ 4.32 US$ 4.54 7 9.9x 9.4x 9.2x 8.7x 8.7x 5.8x 1.5x 0.55

Leagold Mining Corporation TSX:LMC C$ 3.58 285.0 US$ 776 US$ 56 US$ 128 US$ 290 US$ 1,024 US$ 0.47 US$ 0.62 6 5.9x 4.4x 7.7x 5.8x 6.6x 4.5x 0.8x -

New Gold Inc. TSX:NGD C$ 1.20 676.0 US$ 617 US$ 179 US$ 148 US$ 728 US$ 1,203 US$ 0.36 US$ 0.40 11 2.5x 2.3x 5.0x 4.4x 5.2x 3.9x 0.8x -

OceanaGold Corporation TSX:OGC C$ 2.42 622.3 US$ 1,145 US$ 56 US$ 13 US$ 150 US$ 1,286 US$ 0.34 US$ 0.41 12 5.4x 4.5x 6.1x 5.1x 5.9x 4.0x 0.7x 1.64Perseus Mining Limited ASX:PRU C$ 1.02 1168.0 US$ 906 US$ 88 US$ 128 US$ 26 US$ 856 US$ 0.09 US$ 0.10 1 8.5x 7.8x 8.0x 7.4x 8.9x 6.1x 1.1x -

Pretium Resources Inc. TSX:PVG C$ 13.52 185.3 US$ 1,905 US$ 17 (US$ 97) US$ 413 US$ 2,405 US$ 1.15 US$ 1.89 7 8.9x 5.4x 11.3x 6.9x 11.5x 5.7x 0.7x -Regis Resources Limited ASX:RRL C$ 3.94 508.2 US$ 1,521 US$ 132 US$ 120 - US$ 1,393 US$ 0.35 US$ 0.39 4 8.6x 7.7x 7.8x 7.1x 6.5x 5.5x 1.0x 3.45

Resolute Mining Limited ASX:RSG C$ 1.08 903.2 US$ 740 US$ 24 US$ 34 US$ 123 US$ 884 US$ 0.10 US$ 0.19 6 7.9x 4.2x 9.4x 5.0x 9.0x 3.6x 0.8x 1.70

Saracen Mineral Holdings Limited ASX:SAR C$ 3.44 1102.9 US$ 2,886 US$ 83 US$ 75 - US$ 2,805 US$ 0.20 US$ 0.25 6 13.4x 10.7x 13.0x 10.4x 17.5x 8.2x 1.3x -

SEMAFO Inc. TSX:SMF C$ 2.61 334.5 US$ 664 US$ 78 US$ 109 US$ 14 US$ 746 US$ 0.71 US$ 0.66 5 2.8x 3.0x 3.1x 3.4x 2.9x 3.3x 0.7x -

St Barbara Limited ASX:SBM C$ 2.53 699.2 US$ 1,347 US$ 624 US$ 614 - US$ 739 US$ 0.26 US$ 0.25 2 7.4x 7.6x 4.1x 4.2x 3.7x 3.1x 1.0x 2.78

Teranga Gold Corporation TSX:TGZ C$ 7.02 107.6 US$ 574 US$ 28 (US$ 54) US$ 140 US$ 750 US$ 0.81 US$ 1.29 3 6.6x 4.1x 8.6x 5.4x 5.6x 3.2x 0.6x -

Torex Gold Resources Inc. TSX:TXG C$ 17.40 85.3 US$ 1,128 US$ 168 US$ 117 US$ 162 US$ 1,216 US$ 3.29 US$ 2.95 7 4.0x 4.5x 4.3x 4.8x 3.6x 3.5x 0.8x -

Group Average - Intermediate Producers 7.4x 5.8x 8.1x 6.3x 7.3x 5.0x 0.9x 2.22

Group Average - Intermediate Producers (excluding high/low) 7.4x 5.8x 7.9x 6.1x 7.0x 4.9x 0.9x 1.80

Junior Precious Metals Producers ***

Alacer Gold Corp. TSX:ASR C$ 6.32 294.7 US$ 1,416 US$ 145 US$ 168 US$ 223 US$ 1,879 US$ 0.74 US$ 0.92 8 6.5x 5.2x 8.6x 6.9x 7.8x 6.2x 1.1x -Alio Gold Inc. TSX:ALO C$ 0.98 86.1 US$ 64 US$ 13 US$ 45 US$ 4 US$ 59 (US$ 0.02) US$ 0.18 3 - 4.1x - 3.8x - 2.6x 0.5x -

Argonaut Gold Inc. TSX:AR C$ 1.71 179.5 US$ 233 US$ 36 US$ 90 US$ 14 US$ 212 US$ 0.40 US$ 0.58 7 3.2x 2.2x 2.9x 2.0x 2.5x 1.6x 0.4x -Asanko Gold Inc. TSX:AKG C$ 1.17 225.1 US$ 200 US$ 14 US$ 15 - US$ 187 US$ 0.09 US$ 0.28 2 9.9x 3.2x 9.2x 3.0x 4.8x 2.2x 0.5x -

Calibre Mining Corp. TSX:CXB C$ 0.95 328.0 US$ 237 US$ 1 US$ 0 - US$ 236 US$ 0.12 US$ 0.20 1 5.9x 3.7x 5.8x 3.6x 11.5x 3.2x 0.4x -Equinox Gold Corp. TSX:EQX C$ 11.01 113.5 US$ 950 US$ 47 US$ 65 US$ 242 US$ 1,168 US$ 0.77 US$ 1.24 6 10.9x 6.8x 13.4x 8.3x 12.9x 8.5x 0.9x -

Guyana Goldfields Inc. TSX:GUY C$ 0.66 174.6 US$ 88 US$ 25 US$ 37 - US$ 66 US$ 0.08 US$ 0.45 2 6.7x 1.1x 5.1x 0.8x 3.3x 1.5x 0.2x -Jaguar Mining Inc. TSX:JAG C$ 0.23 723.9 US$ 127 US$ 12 US$ 6 - US$ 125 US$ 0.05 US$ 0.07 3 3.3x 2.4x 3.3x 2.4x 4.5x 3.6x 0.8x -

K92 Mining Inc. TSXV:KNT C$ 3.48 213.0 US$ 564 US$ 18 US$ 18 US$ 7 US$ 562 US$ 0.22 US$ 0.35 6 11.9x 7.5x 11.8x 7.5x 15.5x 6.1x 0.8x -Premier Gold Mines Limited TSX:PG C$ 1.66 212.0 US$ 268 US$ 33 US$ 27 US$ 19 US$ 262 US$ 0.00 US$ 0.20 3 377.9x 6.3x 370.1x 6.2x 79.4x 7.6x 0.4x -

Roxgold Inc. TSX:ROXG C$ 0.88 371.6 US$ 249 US$ 29 (US$ 3) US$ 14 US$ 269 US$ 0.21 US$ 0.19 4 3.1x 3.5x 3.4x 3.8x 3.0x 3.0x 0.6x -Royal Nickel Corporation TSX:RNX C$ 0.43 607.8 US$ 199 US$ 19 US$ 9 US$ 18 US$ 207 US$ 0.00 US$ 0.09 3 127.2x 3.8x 132.3x 3.9x 11.1x 3.3x 0.4x -

Superior Gold Inc. TSXV:SGI C$ 0.74 97.0 US$ 55 US$ 14 (US$ 2) - US$ 47 US$ 0.02 US$ 0.26 6 23.6x 2.2x 20.4x 1.9x 12.8x 1.5x 0.5x -TMAC Resources Inc. TSX:TMR C$ 2.75 115.0 US$ 241 US$ 36 US$ 77 US$ 107 US$ 320 US$ 0.64 US$ 0.93 8 3.2x 2.2x 4.3x 3.0x 3.9x 2.6x 0.4x -

Wesdome Gold Mines Ltd. TSX:WDO C$ 8.87 137.3 US$ 926 US$ 29 US$ 21 - US$ 906 US$ 0.44 US$ 0.48 10 15.4x 14.1x 15.1x 13.8x 13.9x 12.7x 1.1x -Westgold Resources Limited ASX:WGX C$ 2.12 399.7 US$ 644 US$ 47 US$ 9 - US$ 624 US$ 0.14 US$ 0.24 1 11.5x 6.8x 11.1x 6.6x 8.7x 5.2x 0.9x -

Group Average - Junior Producers 41.3x 4.7x 41.1x 4.9x 13.0x 4.5x 0.6x -

Group Average - Junior Producers (excluding high/low) 17.3x 4.3x 17.6x 4.5x 8.3x 4.1x 0.6x -

All data sourced from Capital IQ*Prior fiscal year production of greater than 800k ounces of gold.

**Prior fiscal year production of between 200k and 800k ounces of gold.

***Prior fiscal year production of less than 200k ounces of gold.

Symbol PriceNumber of

Estimates

2020E2019EDebtCash P/CF Ratio EV/CF Ratio EV/EBITDA Ratio Yield

The Weekly Dig



22

January 24, 2020

Other Precious Metals Companies – Market and Valuation Statistics (Consensus Estimates)


Shares Market Working Enterprise

Company Symbol Price O/S Capitalization Capital Value

(millions) (millions) (millions) (millions) (millions) (millions) CFPS CFPS 2019E 2020E 2019E 2020E 2019E 2020E 2019E %

PGM Producers

Anglo American Platinum Limited JSE:AMS C$ 109.35 262.4 US$ 21,816 US$ 943 US$ 1,089 US$ 365 US$ 21,318 US$ 6.13 US$ 7.77 3 13.6x 10.7x 13.2x 10.5x 9.6x 7.1x 1.6x 1.76Impala Platinum Holdings Limited JSE:IMP C$ 12.75 782.8 US$ 7,588 US$ 600 US$ 989 US$ 390 US$ 7,729 US$ 0.63 US$ 1.38 2 15.4x 7.0x 15.7x 7.2x 11.1x 4.8x 2.2x -Northam Platinum Limited JSE:NHM C$ 11.39 349.9 US$ 3,030 US$ 68 US$ 193 US$ 1,034 US$ 3,995 US$ 0.48 US$ 1.36 2 18.1x 6.3x 23.9x 8.4x 18.8x 8.4x 1.2x -

Group Average - PGM Producers 15.7x 8.0x 17.6x 8.7x 13.1x 6.7x 1.7x 1.76

Silver Producers

Americas Gold and Silver CorporationTSX:USA C$ 3.59 82.8 US$ 226 US$ 6 US$ 4 US$ 11 US$ 243 US$ 0.02 US$ 0.45 2 177.0x 6.1x 190.3x 6.6x - 6.3x 0.6x -Coeur Mining, Inc. NYSE:CDE C$ 7.85 240.5 US$ 1,436 US$ 65 US$ 33 US$ 227 US$ 1,726 US$ 0.49 US$ 1.00 5 12.2x 6.0x 14.7x 7.2x 12.8x 6.4x 1.1x -Endeavour Silver Corp. TSX:EDR C$ 2.77 139.9 US$ 295 US$ 22 US$ 49 US$ 5 US$ 281 (US$ 0.01) US$ 0.25 6 - 8.4x - 8.1x - 8.8x 1.1x -Excellon Resources Inc. TSX:EXN C$ 0.91 112.5 US$ 78 US$ 9 US$ 9 - US$ 70 (US$ 0.02) US$ 0.08 2 - 8.4x - 7.6x - - 0.7x -First Majestic Silver Corp. TSX:FR C$ 13.41 208.1 US$ 2,122 US$ 125 US$ 149 US$ 154 US$ 2,160 US$ 0.54 US$ 0.57 5 18.9x 17.9x 19.3x 18.2x 20.9x 14.1x 2.4x -Fortuna Silver Mines Inc. TSX:FVI C$ 5.13 160.3 US$ 625 US$ 72 US$ 46 US$ 109 US$ 689 US$ 0.36 US$ 0.96 4 10.8x 4.1x 11.9x 4.5x 7.7x 3.8x 1.0x -Fresnillo Plc LSE:FRES C$ 10.90 736.9 US$ 6,109 US$ 362 US$ 996 US$ 801 US$ 6,671 US$ 0.90 US$ 0.95 4 9.2x 8.7x 10.0x 9.5x 9.0x 7.1x 1.1x 3.27Hecla Mining Company NYSE:HL C$ 4.13 506.2 US$ 1,589 US$ 33 US$ 33 US$ 585 US$ 2,173 US$ 0.23 US$ 0.36 7 13.5x 8.8x 18.4x 12.0x 12.8x 9.4x 1.5x 0.32Mandalay Resources Corporation TSX:MND C$ 1.07 91.0 US$ 74 US$ 23 (US$ 32) US$ 0 US$ 119 US$ 0.22 US$ 0.66 1 3.7x 1.2x 6.0x 2.0x 11.9x 1.7x 0.4x -Pan American Silver Corp. TSX:PAAS C$ 29.09 209.6 US$ 4,636 US$ 177 US$ 459 US$ 336 US$ 4,847 US$ 1.44 US$ 2.35 9 15.4x 9.4x 16.1x 9.9x 11.5x 8.6x 1.4x 0.63SSR Mining Inc. TSX:SSRM C$ 23.50 123.0 US$ 2,197 US$ 526 US$ 636 US$ 168 US$ 1,954 US$ 1.62 US$ 1.94 7 11.0x 9.2x 9.8x 8.2x 8.5x 6.5x 1.2x -Silvercorp Metals Inc. TSX:SVM C$ 7.25 172.4 US$ 950 US$ 135 US$ 125 - US$ 884 US$ 0.43 US$ 0.45 3 12.8x 12.3x 11.9x 11.5x 11.3x 10.1x 1.4x 0.45

Group Average - Silver Producers 28.5x 8.4x 30.8x 8.8x 11.8x 7.5x 1.2x 1.17

Group Average - Silver Producers (excluding high/low) 7.5x 8.1x 8.9x 8.5x - 6.9x 1.1x 0.54

Diamond Producers

Lucara Diamond Corp. TSX:LUC C$ 0.85 396.9 US$ 256 US$ 5 US$ 52 - US$ 252 US$ 0.13 US$ 0.16 4 4.9x 3.9x 4.8x 3.9x 3.5x 3.3x 0.5x -Mountain Province Diamonds Inc. TSX:MPVD C$ 1.19 210.1 US$ 190 US$ 21 US$ 70 US$ 292 US$ 464 US$ 0.32 US$ 0.43 3 2.8x 2.1x 6.9x 5.2x 6.3x 4.1x 0.7x 3.42Petra Diamonds Limited LSE:PDL C$ 0.19 865.4 US$ 124 US$ 72 US$ 105 US$ 724 US$ 861 US$ 0.11 US$ 0.09 4 1.3x 1.6x 9.3x 10.8x 5.2x 6.1x 0.5x -

Group Average - Diamond Producers 3.0x 2.5x 7.0x 6.6x 5.0x 4.5x 0.6x 3.42

Royalty Companies

Anglo Pacific Group plc LSE:APF C$ 2.97 180.5 US$ 408 US$ 18 US$ 17 - US$ 389 US$ 0.30 US$ 0.29 4 7.5x 7.8x 7.1x 7.5x 5.7x 5.9x 0.7x 4.41Altius Minerals Corporation TSX:ALS C$ 11.19 42.1 US$ 358 US$ 24 US$ 15 US$ 71 US$ 475 US$ 0.70 US$ 0.72 5 12.2x 11.8x 16.2x 15.6x 10.0x 10.6x 0.9x 1.76Franco-Nevada Corporation TSX:FNV C$ 142.71 189.4 US$ 20,548 US$ 92 US$ 220 US$ 242 US$ 20,703 US$ 3.25 US$ 3.87 14 33.4x 28.1x 33.7x 28.3x 31.6x 25.9x 2.3x 0.92Osisko Gold Royalties Ltd TSX:OR C$ 12.57 157.5 US$ 1,505 US$ 113 US$ 114 US$ 263 US$ 1,663 US$ 0.51 US$ 0.59 14 18.9x 16.1x 20.9x 17.8x 20.7x 17.2x 1.0x 1.60Royal Gold, Inc. US:RGLD C$ 148.15 65.6 US$ 7,388 US$ 122 US$ 132 US$ 165 US$ 7,463 US$ 4.30 US$ 5.12 11 26.2x 22.0x 26.4x 22.2x 24.0x 19.6x 2.2x 0.99Sandstorm Gold Ltd. TSX:SSL C$ 8.98 177.2 US$ 1,210 US$ 19 US$ 26 US$ 48 US$ 1,242 US$ 0.32 US$ 0.38 8 21.2x 18.0x 21.7x 18.5x 20.4x 17.0x 1.3x -Wheaton Precious Metals Corp. TSX:WPM C$ 38.35 447.2 US$ 13,040 US$ 152 US$ 124 US$ 1,014 US$ 13,911 US$ 1.19 US$ 1.49 15 24.6x 19.6x 26.2x 20.9x 24.8x 19.3x 1.7x 1.23

Group Average - Royalty Companies 20.6x 17.6x 21.7x 18.7x 19.6x 16.5x 1.5x 1.82

Group Average - Royalty Companies (excluding high/low) 20.6x 17.5x 22.3x 19.0x 20.0x 16.7x 1.4x 1.40

All data sourced from Capital IQ

EV/CF RatioCash Debt P/CF Ratio EV/EBITDA Ratio P/NAV2019E 2020E Number of

Estmates

Yield

The Weekly Dig



23

January 24, 2020

Senior Gold Producers* – Reserves and Resources


Reserves

Agnico Eagle Mines Limited NYSE:AEM US $14,591 US $337 US $15,698 60.1 2.07 65.0 2.24 92% 22.1 2.70 23.1 2.83 95% US $712 37.9 1.82 41.8 2.01 91% 53% US $261 US $242

AngloGold Ashanti Limited JSE:ANG US $8,479 US ($144) US $10,141 187.8 1.62 205.5 1.77 91% 45.4 1.22 50.8 1.37 89% US $223 137.9 1.85 150.2 2.01 92% 35% US $54 US $49

B2Gold Corp. TSX:BTO US $4,356 US $327 US $4,373 26.3 0.88 30.4 1.02 86% 7.6 1.17 7.9 1.21 97% US $573 18.6 0.80 22.5 0.97 83% 53% US $166 US $144

Barrick Gold Corporation TSX:ABX US $32,764 US $3,666 US $34,592 231.3 0.81 326.7 1.14 71% 89.3 1.25 109.3 1.53 82% US $387 142.0 0.66 217.4 1.01 65% 30% US $150 US $106

Evolution Mining Limited ASX:EVN US $4,390 US $265 US $4,255 13.9 0.88 14.1 0.88 99% 6.9 0.85 7.1 0.86 98% US $613 7.0 0.90 7.0 0.90 100% 40% US $305 US $302

Fresnillo Plc LSE:FRES US $6,109 US $996 US $5,925 91.4 1.98 126.9 2.75 72% 11.0 0.77 19.4 1.37 57% US $538 80.4 2.52 107.5 3.36 75% 64% US $65 US $47

Gold Fields Limited JSE:GFI US $5,262 US $391 US $7,200 104.3 2.11 116.5 2.35 89% 50.2 2.62 51.9 2.71 97% US $143 54.0 1.78 64.6 2.13 84% 45% US $69 US $62

Harmony Gold Mining Company Limited JSE:HAR US $1,913 US $79 US $2,250 95.0 1.11 119.5 1.40 80% 17.6 0.63 17.9 0.64 98% US $128 77.5 1.38 101.6 1.81 76% 36% US $24 US $19

IAMGOLD Corporation TSX:IMG US $1,380 US $749 US $1,075 37.9 1.14 38.4 1.15 99% 17.9 1.14 17.9 1.14 100% US $60 20.0 1.14 20.6 1.17 97% 48% US $28 US $28

Kinross Gold Corporation TSX:K US $5,948 US $1,026 US $6,806 61.7 0.69 62.8 0.70 98% 25.5 0.67 26.2 0.68 98% US $266 35.3 0.69 35.8 0.70 99% 20% US $110 US $108

Newcrest Mining Limited ASX:NCM US $16,558 US $1,570 US $16,983 113.5 0.56 188.1 0.93 60% 48.6 0.78 66.9 1.08 73% US $349 64.9 0.46 121.1 0.86 54% 14% US $150 US $90

Newmont Corporation NYSE:NEM US $35,317 US $3,087 US $39,169 234.3 0.68 346.9 1.01 68% 117.3 0.79 158.8 1.07 74% US $334 117.1 0.60 188.1 0.96 62% 30% US $167 US $113

Yamana Gold Inc. TSX:YRI US $3,743 US ($22) US $4,840 38.9 0.57 69.9 1.03 56% 14.2 0.44 32.3 1.01 44% US $341 24.7 0.69 37.6 1.05 66% 49% US $124 US $69

Group Average - Total # Companies: 13 US $359 US $129 US $106

Equivalency assumptions (US$ / 01-23-20): $1,563/oz Au, $17.80/oz Ag, $1,005/oz Pt, $2,462/oz Pd, $2.70/lb Cu, $1.07/lb Zn, $0.89/lb Pb, $6.02/lb Ni, $14.54/lb Co, $0/t Sb, $24.30/lb U3O8, $7.70/lb Sn, $93.00/t HCC, $94.40/t 62% Fe

*Prior fiscal year production of greater than 800k ounces of gold.

Source: SNL Financial retrieved on January 23, 2020

AuEq

(g/t)% Au

EV/oz

Au

Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)

Global Reserves & Resources

AuEq

(g/t)% Au

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

Company EV/oz

Au

Global

EV/oz

AuEq

AuEq

(Moz)

Resources (M&I and Inferred)

AuEq

(g/t)% Au

% Au

Inferred

Reserves

Au

(Moz)

Au

(g/t)

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

The Weekly Dig



24

January 24, 2020

Intermediate Gold Producers* – Reserves and Resources


Reserves

Alamos Gold Inc. TSX:AGI US $2,426 US $254 US $2,174 23.7 1.34 24.4 1.38 97% 10.5 1.55 10.9 1.61 97% US $207 13.2 1.20 13.5 1.23 98% 43% US $92 US $89

Centerra Gold Inc. TSX:CG US $2,155 US $671 US $1,582 32.0 0.42 48.3 0.63 66% 14.4 0.62 18.9 0.81 76% US $110 17.5 0.33 29.4 0.55 60% 35% US $49 US $33

China Gold International Resources Corp. Ltd. TSX:CGG US $332 US ($390) US $1,367 10.2 0.15 44.0 0.66 23% 4.0 0.25 16.6 1.05 24% US $343 6.2 0.12 27.1 0.53 23% 41% US $134 US $31

Detour Gold Corporation TSX:DGC US $3,270 US $139 US $3,243 21.1 1.00 21.1 1.00 100% 15.4 0.96 15.4 0.96 100% US $210 5.7 1.11 5.7 1.11 100% 22% US $153 US $153

Dundee Precious Metals Inc. TSX:DPM US $836 US ($4) US $866 9.9 0.39 16.1 0.64 62% 2.6 3.32 3.2 4.17 79% US $336 7.3 0.30 12.8 0.53 57% 54% US $87 US $54

Eldorado Gold Corporation TSX:ELD US $1,203 US $212 US $1,467 44.9 0.81 59.3 1.07 76% 16.1 1.35 21.5 1.80 75% US $91 28.8 0.66 37.8 0.87 76% 61% US $33 US $25

Endeavour Mining Corporation TSX:EDV US $2,122 US $133 US $2,725 14.5 1.73 14.5 1.73 100% 7.4 1.75 7.4 1.75 100% US $366 7.0 1.70 7.0 1.70 100% 34% US $189 US $189

Golden Star Resources Ltd. TSX:GSC US $320 US ($28) US $417 11.9 3.28 11.9 3.28 100% 1.6 2.86 1.6 2.86 100% US $259 10.3 3.35 10.3 3.35 100% 63% US $35 US $35

Highland Gold Mining Limited AIM:HGM US $915 US ($26) US $1,060 19.9 2.93 20.4 2.99 98% 5.9 3.15 6.0 3.19 99% US $179 14.0 3.08 14.4 3.17 97% 23% US $53 US $52

Kirkland Lake Gold Ltd. TSX:KL US $8,928 US $359 US $8,588 19.7 4.59 19.7 4.59 100% 5.9 15.34 5.9 15.34 100% US $1,452 13.8 3.53 13.8 3.53 100% 46% US $436 US $436

Leagold Mining Corporation TSX:LMC US $776 US $128 US $951 20.9 1.14 22.0 1.20 95% 7.0 1.29 7.0 1.29 100% US $135 13.8 1.07 15.0 1.16 92% 44% US $46 US $43

New Gold Inc. TSX:NGD US $617 US $148 US $1,230 19.7 0.76 24.7 0.96 80% 13.4 0.80 15.9 0.95 85% US $92 6.2 0.70 8.8 0.99 71% 21% US $63 US $50

OceanaGold Corporation TSX:OGC US $1,145 US $13 US $1,328 13.0 1.58 13.8 1.67 95% 5.5 1.37 6.0 1.50 91% US $243 7.6 1.78 7.8 1.83 97% 56% US $102 US $97

Perseus Mining Limited ASX:PRU US $906 US $125 US $807 10.0 1.22 10.0 1.22 100% 4.3 1.45 4.3 1.45 100% US $187 5.7 1.09 5.7 1.09 100% 42% US $81 US $81

Pretium Resources Inc. TSX:PVG US $1,905 US ($97) US $2,431 46.4 0.65 55.6 0.78 83% 6.4 12.44 6.7 13.12 95% US $380 40.0 0.56 48.9 0.69 82% 30% US $52 US $44

Regis Resources Limited ASX:RRL US $1,521 US $117 US $1,405 10.4 0.97 10.4 0.97 100% 4.8 1.14 4.8 1.14 100% US $296 5.6 0.86 5.6 0.86 100% 38% US $136 US $136

SEMAFO Inc. TSX:SMF US $664 US $109 US $606 7.4 2.74 7.4 2.74 100% 2.7 3.43 2.7 3.43 100% US $224 4.7 2.45 4.7 2.45 100% 40% US $82 US $82

Torex Gold Resources Inc. TSX:TXG US $1,128 US $117 US $1,188 8.2 2.68 10.7 3.51 76% 2.6 3.07 2.6 3.13 98% US $463 5.6 2.53 8.1 3.65 69% 82% US $145 US $111



*Prior fiscal year production of between 200k and 800k ounces of gold.


Enterprise

Value

(millions)

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Global Reserves & Resources Reserves Resources (M&I and Inferred)

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

EV/oz

Au% Au

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

% Au

Inferred

The Weekly Dig



25

January 24, 2020

Junior Gold Producers* – Reserves and Resources


Reserves

Alacer Gold Corp. TSX:ASR US $1,416 US $168 US $1,575 6.7 1.66 8.1 2.01 82% 3.3 2.15 4.1 2.70 80% US $478 3.4 1.46 3.9 1.71 85% 36% US $237 US $195

Alio Gold Inc. TSX:ALO US $64 US $45 US $24 5.7 0.63 5.8 0.64 98% 2.9 0.58 2.9 0.59 99% US $8 2.8 0.70 2.9 0.72 97% 20% US $4 US $4

Argonaut Gold Inc. TSX:AR US $233 US $90 US $158 12.4 0.60 14.4 0.70 86% 4.1 0.67 4.7 0.76 88% US $38 8.3 0.57 9.7 0.68 85% 15% US $13 US $11

Asanko Gold Inc. TSX:AKG US $200 US $15 US $186 3.1 1.46 3.1 1.46 100% 2.3 1.57 2.3 1.57 100% US $80 0.8 1.22 0.8 1.22 100% 15% US $60 US $60

Continental Gold Inc. TSX:CNL US $888 US $32 US $1,232 11.7 9.40 12.3 9.83 96% 3.7 8.41 3.8 8.69 97% US $332 8.0 9.94 8.5 10.46 95% 75% US $105 US $100

Equinox Gold Corp. TSX:EQX US $950 US $65 US $1,127 12.3 0.50 15.0 0.61 82% 5.5 0.63 5.5 0.63 100% US $203 6.8 0.43 9.5 0.59 72% 51% US $91 US $75

Fiore Gold Ltd. TSXV:F US $39 US $22 US $20 3.2 0.98 3.2 0.98 100% 0.3 0.51 0.3 0.51 100% US $72 2.9 1.07 2.9 1.07 100% 20% US $6 US $6

Goldgroup Mining Inc. TSX:GGA US $4 US ($3) US $7 0.6 1.44 0.9 2.26 64% - - - - - - 0.6 1.44 0.9 2.26 64% 47% US $13 US $8

Guyana Goldfields Inc. TSX:GUY US $88 US $37 US $54 6.6 2.48 6.6 2.48 100% 2.3 2.63 2.3 2.63 100% US $24 4.3 2.41 4.3 2.41 100% 53% US $8 US $8

Hummingbird Resources PLC AIM:HUM US $110 US ($58) US $233 5.2 1.57 5.2 1.57 100% 0.6 3.14 0.6 3.14 100% US $409 4.6 1.49 4.6 1.49 100% 47% US $45 US $45

K92 Mining Inc. TSXV:KNT US $564 US $18 US $554 2.5 9.28 3.0 11.29 82% - - - - - - 2.5 9.28 3.0 11.29 82% 76% US $226 US $186

McEwen Mining Inc. NYSE:MUX US $464 US $16 US $501 13.5 0.11 67.5 0.56 20% 0.7 1.32 0.8 1.51 88% US $677 12.7 0.11 66.7 0.55 19% 47% US $37 US $7

Medusa Mining Limited ASX:MML US $124 US $15 US $108 1.4 3.89 1.4 3.89 100% 0.4 6.87 0.4 6.87 100% US $309 1.1 3.41 1.1 3.41 100% 42% US $76 US $76

Metals Exploration plc AIM:MTL US $41 US ($94) US $158 1.7 1.62 1.7 1.62 100% 0.9 1.86 0.9 1.86 100% US $176 0.8 1.43 0.8 1.43 100% 82% US $91 US $91

Minera IRL Limited BVL:MIRL US $28 US ($97) US $133 2.5 2.17 2.5 2.17 100% 1.1 1.87 1.1 1.87 100% US $123 1.4 2.43 1.4 2.43 100% 76% US $53 US $53

Orosur Mining Inc. TSX:OMI US $6 US ($17) US $23 0.6 0.67 1.4 1.62 42% 0.1 1.42 0.1 1.42 100% US $244 0.5 0.61 1.3 1.63 37% 17% US $39 US $16

Orvana Minerals Corp. TSX:ORV US $24 US ($7) US $43 2.0 3.78 2.6 4.72 80% 0.4 2.65 0.7 4.50 59% US $105 1.6 4.28 1.9 4.93 87% 51% US $21 US $17

Premier Gold Mines Limited TSX:PG US $268 US $27 US $259 10.6 1.51 11.6 1.64 92% 3.0 1.21 3.0 1.22 99% US $87 7.6 1.67 8.5 1.88 89% 53% US $24 US $22

Roxgold Inc. TSX:ROXG US $249 US ($3) US $275 1.4 5.16 1.4 5.16 100% 0.6 - 0.6 - 100% US $464 0.9 3.75 0.9 3.75 100% 24% US $190 US $190

Shanta Gold Limited AIM:SHG US $111 US $9 US $110 2.8 2.44 2.8 2.45 100% 0.3 3.44 0.3 3.44 100% US $417 2.5 2.37 2.5 2.37 100% 54% US $39 US $39

TMAC Resources Inc. TSX:TMR US $241 US $77 US $270 6.4 7.88 6.4 7.88 100% 3.6 6.77 3.6 6.77 100% US $75 2.8 9.95 2.8 9.95 100% 57% US $42 US $42

Vast Resources plc AIM:VAST US $43 US ($3) US $49 1.5 1.39 2.2 2.08 67% 0.3 1.77 0.7 3.61 49% US $151 1.1 1.31 1.6 1.77 74% 45% US $33 US $22



*Prior fiscal year production of less than 200k ounces of gold.


Enterprise

Value

(millions)

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)


Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

% AuAu

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

% Au

Inferred

EV/oz

Au



The Weekly Dig

26

January 24, 2020

Gold Development-Stage Companies (Engineering Study Complete) – Enterprise Value per Ounce


Reserves

% AuEq

African Gold Group, Inc. TSXV:AGG US $11 US $0 US $11 2.0 1.01 2.0 1.01 100% 0.5 1.25 0.5 1.25 100% US $24 1.5 0.96 1.5 0.96 100% 59% 59% US $5 US $5

Almaden Minerals Ltd. TSX:AMM US $61 US $2 US $61 2.4 0.44 4.4 0.80 55% 1.4 0.59 2.4 1.00 59% US $44 1.0 0.33 2.0 0.65 51% 40% 55% US $25 US $14

Amarillo Gold Corporation TSXV:AGC US $31 US $6 US $24 1.8 1.10 1.8 1.10 100% - - - - - - 1.8 1.10 1.8 1.10 100% 19% 19% US $14 US $14

ATAC Resources Ltd. TSXV:ATC US $28 US $8 US $20 2.4 3.45 2.4 3.46 100% - - - - - - 2.4 3.45 2.4 3.46 100% 79% 79% US $8 US $8

Barkerville Gold Mines Ltd. TSXV:BGM US $173 US ($2) US $179 4.4 5.31 4.5 5.35 99% 0.0 4.82 0.0 4.82 100% US $5,963 4.4 5.32 4.4 5.36 99% 44% 43% US $40 US $40

Belo Sun Mining Corp TSX:BSX US $161 US $28 US $134 6.8 1.04 6.8 1.04 100% 3.8 1.02 3.8 1.02 100% US $35 3.0 1.07 3.0 1.07 100% 52% 52% US $20 US $20

Bluestone Resources Inc. TSXV:BSR US $92 US $6 US $86 5.1 1.89 5.4 1.99 95% 0.9 8.49 1.0 8.86 96% US $91 4.2 1.61 4.4 1.70 95% 22% 22% US $17 US $16

Cardinal Resources Limited ASX:CDV US $125 US $11 US $139 7.0 1.12 7.0 1.12 100% 5.1 1.14 5.1 1.14 100% US $27 1.9 1.06 1.9 1.06 100% 24% 24% US $20 US $20

Chaarat Gold Holdings Limited AIM:CGH US $220 US ($32) US $284 10.1 2.37 11.0 2.58 92% 0.9 1.09 1.1 1.33 82% US $317 9.2 2.68 9.9 2.88 93% 19% 25% US $28 US $26

Chalice Gold Mines Limited ASX:CHN US $54 US $14 US $40 0.5 1.23 0.9 2.57 48% - - - - - - 0.5 1.23 0.9 2.57 48% 37% 18% US $88 US $42

Chesapeake Gold Corp. TSXV:CKG US $116 US $12 US $104 19.5 0.51 28.3 0.74 69% 18.3 0.52 26.7 0.75 68% US $6 1.2 0.45 1.5 0.58 78% 53% 58% US $5 US $4

Columbus Gold Corp. TSX:CGT US $22 US $1 US $21 2.2 1.42 2.2 1.42 100% 1.2 1.58 1.2 1.58 100% US $17 0.9 1.25 0.9 1.25 100% 47% 47% US $10 US $10

Corvus Gold Inc. TSX:KOR US $190 US $17 US $173 3.6 0.38 3.7 0.39 97% - - - - - - 3.6 0.38 3.7 0.39 97% 19% 18% US $48 US $47

Eastmain Resources Inc. TSX:ER US $20 US $1 US $19 1.7 6.59 1.7 6.64 99% - - - - - - 1.7 6.59 1.7 6.64 99% 37% 37% US $11 US $11

Euro Sun Mining Inc. TSX:ESM US $24 US ($2) US $27 7.0 0.55 9.4 0.74 75% - - - - - - 7.0 0.55 9.4 0.74 75% 1% 0% US $4 US $3

Falco Resources Ltd. TSXV:FPC US $52 US ($9) US $69 5.9 1.60 8.9 2.41 66% 3.7 1.44 5.6 2.16 66% US $18 2.1 1.97 3.2 2.98 66% 47% 50% US $12 US $8

First Mining Gold Corp. TSX:FF US $106 US $6 US $100 11.4 1.51 11.7 1.55 97% - - - - - - 11.4 1.51 11.7 1.55 97% 32% 32% US $9 US $9

Gabriel Resources Ltd. TSXV:GBU US $205 US $25 US $238 16.4 1.05 17.3 1.11 95% 8.1 1.46 8.6 1.54 95% US $29 8.3 0.83 8.7 0.87 96% 27% 26% US $15 US $14

Gold Road Resources Limited ASX:GOR US $823 US $25 US $928 3.3 1.10 3.4 1.13 97% 2.0 1.26 2.0 1.26 100% US $472 1.3 0.92 1.4 0.99 93% 64% 67% US $281 US $273

Goldquest Mining Corp. TSXV:GQC US $28 US $13 US $15 2.2 2.60 3.1 3.63 71% 0.8 3.72 1.1 4.81 77% US $18 1.4 2.19 1.9 3.04 72% 16% 19% US $7 US $5

International Tower Hill Mines Ltd. TSX:ITH US $98 US $7 US $91 12.6 0.68 12.6 0.68 100% 9.0 0.71 9.0 0.71 100% US $10 3.6 0.60 3.6 0.60 100% 31% 31% US $7 US $7

INV Metals Inc. TSX:INV US $37 US ($1) US $38 3.0 3.37 3.7 4.08 83% 2.2 4.92 2.5 5.60 88% US $17 0.8 1.84 1.2 2.59 71% 39% 49% US $12 US $10

KEFI Minerals Plc AIM:KEFI US $25 US ($6) US $33 1.6 1.86 1.6 1.86 100% 0.8 2.12 0.8 2.12 100% US $41 0.8 1.65 0.8 1.65 100% 21% 21% US $21 US $21

Liberty Gold Corp. TSX:LGD US $240 US $12 US $229 3.3 0.40 5.0 0.62 65% - - - - - - 3.3 0.40 5.0 0.61 65% 32% 36% US $70 US $46

Lumina Gold Corp. TSXV:LUM US $179 US $3 US $176 8.5 0.65 10.4 0.79 82% - - - - - - 8.5 0.65 10.4 0.79 82% 100% 100% US $21 US $17

Lundin Gold Inc. TSX:LUG US $1,665 US $125 US $2,313 9.5 8.33 9.6 8.47 98% 5.0 8.77 5.1 8.91 98% US $461 4.5 7.88 4.5 8.02 98% 48% 48% US $244 US $240

Lupaka Gold Corp. TSXV:LPK US $1 US ($0) US $2 0.5 4.20 0.6 5.37 78% - - - - - - 0.5 4.20 0.6 5.37 78% 19% 16% US $3 US $3

Lydian International Limited TSX:LYD US $43 US ($363) US $406 4.8 0.69 5.0 0.73 94% 2.6 0.79 2.8 0.83 95% US $156 2.1 0.60 2.3 0.64 94% 60% 60% US $86 US $81

Marathon Gold Corporation TSX:MOZ US $208 US $23 US $185 4.3 1.85 4.3 1.85 100% - - - - - - 4.3 1.85 4.3 1.85 100% 36% 36% US $43 US $43

Midas Gold Corp. TSX:MAX US $124 US $22 US $128 6.6 1.60 6.7 1.62 98% - - - - - - 6.6 1.60 6.7 1.62 98% 15% 15% US $19 US $19

Minera Alamos Inc. TSXV:MAI US $83 US $1 US $84 0.3 2.10 0.4 2.64 79% - - - - - - 0.3 2.10 0.4 2.64 79% 3% 3% US $265 US $210

Moneta Porcupine Mines Inc. TSX:ME US $28 US $3 US $25 1.3 4.27 1.3 4.30 99% - - - - - - 1.3 4.27 1.3 4.30 99% 69% 69% US $20 US $20

NovaGold Resources Inc. TSX:NG US $3,024 US $147 US $2,981 22.5 2.21 22.5 2.21 100% 16.9 2.09 16.9 2.09 100% US $176 5.6 2.69 5.6 2.69 100% 54% 54% US $132 US $132

Orca Gold Inc. TSXV:ORG US $51 US $11 US $40 4.0 1.22 4.1 1.23 99% 2.0 1.11 2.0 1.11 100% US $20 2.0 1.35 2.1 1.38 98% 83% 82% US $10 US $10

Orezone Gold Corporation TSXV:ORE US $92 US $16 US $76 5.5 0.68 5.5 0.68 100% 1.7 0.81 1.7 0.81 100% US $46 3.9 0.63 3.9 0.63 100% 26% 26% US $14 US $14

Orla Mining Ltd. TSX:OLA US $333 US $3 US $339 11.9 0.82 14.9 1.03 80% 1.5 0.74 1.8 0.87 86% US $223 10.4 0.84 13.1 1.06 79% 16% 16% US $28 US $23

Osisko Mining Inc. TSX:OSK US $831 US $80 US $755 8.8 2.24 8.9 2.28 98% - - - - - - 8.8 2.24 8.9 2.28 98% 49% 48% US $86 US $85

Pure Gold Mining Inc. TSXV:PGM US $204 US $64 US $148 2.5 8.67 2.5 8.67 100% 1.0 8.97 1.0 8.97 100% US $146 1.5 8.48 1.5 8.48 100% 31% 31% US $58 US $58

Red Eagle Mining Corporation OTCPK:RDEM.F US $0 US ($100) US $100 0.6 3.35 0.6 3.35 100% 0.4 5.19 0.4 5.19 100% US $246 0.2 1.98 0.2 1.98 100% 64% 64% US $163 US $163

RTG Mining Inc. TSX:RTG US $37 US $10 US $28 0.4 1.64 0.7 3.25 51% 0.2 2.04 0.4 4.45 46% US $137 0.2 1.34 0.3 2.31 58% 84% 81% US $75 US $38

Rubicon Minerals Corporation TSX:RMX US $73 US $3 US $80 1.1 6.39 1.1 6.39 100% - - - - - - 1.1 6.39 1.1 6.39 100% 48% 48% US $70 US $70

Sabina Gold & Silver Corp. TSX:SBB US $422 US $16 US $406 7.2 6.21 7.2 6.21 100% 2.5 6.30 2.5 6.30 100% US $162 4.7 6.16 4.7 6.16 100% 40% 40% US $57 US $57

Gold X Mining Corp. TSXV:GLDX US $56 US $5 US $50 10.5 0.86 11.5 0.94 91% - - - - - - 10.5 0.86 11.5 0.94 91% 30% 29% US $5 US $4

Seabridge Gold Inc. TSX:SEA US $895 US $14 US $881 120.1 0.47 207.5 0.82 58% 45.3 0.61 64.9 0.88 70% US $19 74.9 0.42 142.6 0.79 52% 81% 84% US $7 US $4

Sihayo Gold Limited ASX:SIH US $23 US ($3) US $29 1.2 2.11 1.2 2.11 100% 0.6 2.08 0.6 2.08 100% US $51 0.6 2.13 0.6 2.13 100% 60% 60% US $24 US $24

Spanish Mountain Gold Ltd. TSXV:SPA US $17 US $1 US $17 5.3 0.37 5.4 0.37 98% - - - - - - 5.3 0.37 5.4 0.37 98% 34% 34% US $3 US $3

Treasury Metals Inc. TSX:TML US $35 US ($2) US $40 1.5 2.37 1.8 2.73 87% - - - - - - 1.5 2.37 1.8 2.73 87% 17% 19% US $26 US $23

West Kirkland Mining Inc. TSXV:WKM US $21 US $0 US $21 0.8 0.46 0.9 0.54 85% 0.6 0.58 0.7 0.67 86% US $36 0.2 0.30 0.3 0.37 82% 45% 44% US $26 US $22

Victoria Gold Corp. TSXV:VIT US $356 US ($13) US $560 4.9 0.66 5.0 0.67 99% 2.7 0.67 2.7 0.67 100% US $210 2.2 0.65 2.3 0.66 98% 21% 21% US $114 US $113


Group Average - 0 - 20 million ounces # Companies: 47 US $48 US $44

Group Average - 20 - 50 million ounces # Companies: 1 US $132 US $68

Group Average - +50 million ounces # Companies: 1 US $7 US $4



*Includes only Liberty's Goldstrike and Kinsley Mountain Projects

Global

EV/oz

Au

EV/oz

AuEq

Resources (M&I and Inferred)

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au% Au

Au

(g/t)

AuEq

(Moz)

Global Reserves & Resources

AuEq

(g/t)

Au

(Moz)

% Au

Inferred

Company EV/oz

Au

Reserves

Au

(Moz)

Au

(g/t)

AuEq

(Moz)% Au

AuEq

(g/t)

Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)



The Weekly Dig

27

January 24, 2020

Gold Exploration-Stage Companies (Resource Only) – Enterprise Value per Ounce of Gold


Aurion Resources Ltd. TSXV:AU US $122 US $15 US $106 0.8 0.70 0.8 0.70 100% 0.0 5.20 0.0 5.20 100% 0.8 0.70 0.8 0.70 100% - US $130 US $130

Auryn Resources Inc. TSX:AUG US $121 US ($0) US $121 2.3 5.56 2.6 6.25 89% - - - - - 2.3 5.56 2.6 6.25 89% 72% US $52 US $47

Balmoral Resources Ltd TSX:BAR US $47 US $2 US $46 1.2 1.20 1.7 1.71 70% - - - - - 1.2 1.20 1.7 1.71 70% 36% US $39 US $27

Calibre Mining Corp. TSX:CXB US $237 US $0 US $236 2.2 1.22 2.8 1.54 79% - - - - - 2.2 1.22 2.8 1.54 79% 100% US $107 US $85

Condor Gold Plc AIM:CNR US $27 US $5 US $22 2.4 3.87 2.4 3.93 98% 0.7 3.04 0.7 3.10 98% 1.7 4.32 1.8 4.39 98% 73% US $9 US $9

GobiMin Inc. TSXV:GMN US $9 US $24 US ($12) 2.9 1.50 2.9 1.50 100% - - - - - 2.9 1.50 2.9 1.50 100% 63% - -

Gold Standard Ventures Corp TSX:GSV US $211 US $9 US $200 3.6 0.80 3.7 0.83 96% - - - - - 3.6 0.80 3.7 0.83 96% 73% US $56 US $54

Granada Gold Mine Inc. TSXV:GGM US $10 US ($5) US $11 2.8 2.05 2.8 2.09 98% - - - - - 2.8 2.05 2.8 2.09 98% 71% US $4 US $4

Integra Resources Corp. TSXV:ITR US $105 US $5 US $99 2.7 0.42 4.2 0.65 65% - - - - - 2.7 0.42 4.2 0.65 65% 13% US $36 US $24

Kasbah Resources Limited ASX:KAS US $1 US ($3) US $4 0.2 0.55 1.3 3.05 18% - - 0.5 2.80 - 0.2 0.93 0.8 3.23 29% - US $17 US $3

Lincoln Gold Mining Inc. TSXV:LMG US $1 US ($2) US $2 0.1 1.91 0.1 1.91 100% - - - - - 0.1 1.91 0.1 1.91 100% 5% US $26 US $26

Lion One Metals Limited TSXV:LIO US $141 US $6 US $136 0.7 0.09 15.2 1.95 5% - - - - - 0.7 0.09 15.2 1.95 5% 60% US $184 US $9

New Pacific Metals Corp. TSXV:NUAG US $751 US $28 US $721 0.5 6.12 0.6 7.16 85% - - - - - 0.5 6.12 0.6 7.16 85% 45% US $1,423 US $1,216

Nighthawk Gold Corp. TSX:NHK US $71 US $9 US $62 2.9 1.70 2.9 1.70 100% - - - - - 2.9 1.70 2.9 1.70 100% 90% US $21 US $21

Novo Resources Corp. OTCPK:NSRP.F US $481 US $26 US $453 1.3 2.54 1.4 2.80 91% - - - - - 1.3 2.54 1.4 2.80 91% 56% US $347 US $314

Orex Minerals Inc. TSXV:REX US $8 US $0 US $8 0.1 0.21 0.6 2.00 10% - - - - - 0.1 0.21 0.6 2.00 10% 47% US $121 US $12

Osprey Gold Development Ltd. TSXV:OS US $3 US $1 US $2 0.4 3.56 0.4 3.56 100% - - - - - 0.4 3.56 0.4 3.56 100% 92% US $5 US $5

Puma Exploration Inc. TSXV:PUMA US $3 US ($1) US $3 0.1 0.32 1.5 3.62 9% - - - - - 0.1 0.32 1.5 3.62 9% 5% US $23 US $2

Red Pine Exploration Inc. TSXV:RPX US $13 US ($0) US $13 0.4 5.38 0.4 5.38 100% - - - - - 0.4 5.38 0.4 5.38 100% 63% US $28 US $28

Redstar Gold Corp. TSXV:RGC US $5 US $2 US $3 0.5 2.89 0.7 3.59 80% - - - - - 0.1 2.94 0.2 6.02 49% 409% US $5 US $4

Reunion Gold Corporation TSXV:RGD US $40 US $3 US $35 1.2 1.07 1.2 1.07 100% - - - - - 1.2 1.07 1.2 1.07 100% 57% US $30 US $30

Revival Gold Inc. TSXV:RVG US $23 US $1 US $22 2.0 0.62 2.0 0.62 100% - - - - - 2.0 0.62 2.0 0.62 100% 39% US $11 US $11

Rupert Resources Ltd. TSXV:RUP US $84 US $0 US $83 1.0 2.19 1.0 2.19 100% - - - - - 1.0 2.19 1.0 2.19 100% 85% US $85 US $85

Sarama Resources Ltd TSXV:SWA US $12 US $3 US $9 2.7 1.60 2.7 1.60 100% - - - - - 2.7 1.60 2.7 1.60 100% 91% US $3 US $3

SolGold plc TSX:SOLG US $504 US $17 US $486 20.0 0.25 55.4 0.68 36% - - - - - 20.0 0.25 55.4 0.68 36% 17% US $24 US $9

Teras Resources Inc. TSXV:TRA US $10 US ($0) US $10 1.1 0.48 1.3 0.55 89% - - - - - 1.1 0.48 1.3 0.55 89% 10% US $9 US $8

Gold Springs Resource Corp. TSX:GRC US $24 US $5 US $7 1.9 0.07 11.9 0.46 16% - - - - - 1.9 0.07 11.9 0.46 16% 40% US $4 US $1

Group Average - Total # Companies: 27 US $104 US $80



EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

% Au% AuAu

(Moz)

Au

(g/t)

AuEq

(Moz)


Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

AuEq

(g/t)

% Au

Inferred

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)

The Weekly Dig



28

January 24, 2020

Silver – Enterprise Value per Ounce of Silver


Reserves

Alexco Resource Corp. TSX:AXU US $216 US $10 US $207 108 418 165 640 65% 30 805 42 1,107 73% US $6.80 77 351 123 559 63% 31% US $1.92 US $1.25

Americas Gold and Silver Corporation TSX:USA US $226 US $4 US $234 113 56 278 139 41% 42 38 130 117 32% US $5.59 71 79 149 165 48% 36% US $2.07 US $0.84

Athena Silver Corporation OTCPK:AHNR US $1 US ($3) US $4 43 67 43 67 100% - - - - - - 43 67 43 67 100% - US $0.10 US $0.10

Bear Creek Mining Corporation TSXV:BCM US $182 US $25 US $159 360 41 727 82 49% 225 50 472 105 48% US $0.70 135 31 256 58 53% 36% US $0.44 US $0.22

Coeur Mining, Inc. NYSE:CDE US $1,436 US $33 US $1,758 686 23 1,637 55 42% 171 20 445 53 38% US $10.26 514 24 1,191 56 43% 34% US $2.56 US $1.07

Defiance Silver Corp. TSXV:DEF US $24 US $0 US $25 28 4 345 47 8% - - - - - - 28 4 345 47 8% 67% US $0.87 US $0.07

Dolly Varden Silver Corporation TSXV:DV US $15 US $3 US $12 44 294 44 294 100% - - - - - - 44 294 44 294 100% 26% US $0.27 US $0.27

Endeavour Silver Corp. TSX:EDR US $295 US $49 US $252 166 203 289 354 57% 47 209 89 396 53% US $5.37 120 201 201 338 60% 76% US $1.51 US $0.87

Excellon Resources Inc. TSX:EXN US $78 US $9 US $70 24 226 47 444 51% 9 137 20 319 43% US $8.13 15 354 27 624 57% 45% US $2.90 US $1.48

First Majestic Silver Corp. TSX:FR US $2,122 US $149 US $2,133 356 155 630 275 57% 108 185 198 336 55% US $19.67 239 144 415 251 58% 70% US $5.98 US $3.38

Fortuna Silver Mines Inc. TSX:FVI US $625 US $46 US $714 85 14 500 83 17% 46 15 270 91 17% US $15.68 39 13 230 75 17% 84% US $8.44 US $1.43

Golden Minerals Company AMEX:AUMN US $29 US $0 US $29 69 367 99 527 70% - - - - - - 69 367 99 527 70% 9% US $0.42 US $0.30

Hecla Mining Company NYSE:HL US $1,589 US $33 US $2,173 866 56 3,096 198 28% 191 168 631 555 30% US $11.37 675 47 2,465 170 27% 69% US $2.51 US $0.70

Investigator Resources Limited ASX:IVR US $13 US $1 US $13 42 140 48 161 87% - - - - - - 42 140 48 161 87% 45% US $0.30 US $0.26

Kootenay Silver Inc TSXV:KTN US $59 US $7 US $51 116 43 245 91 47% - - - - - - 116 43 245 91 47% 21% US $0.45 US $0.21

MAG Silver Corp. TSX:MAG US $943 US $95 US $849 119 51 400 173 30% - - - - - - 119 51 400 173 30% 65% US $7.14 US $2.12

Mandalay Resources Corporation TSX:MND US $74 US ($32) US $112 14 7 289 152 5% - - 67 174 - - 14 11 222 169 6% 8% US $7.98 US $0.39

Minco Silver Corporation TSX:MSV US $31 US $34 US ($2) 162 158 260 254 62% 50 189 61 232 81% - 112 148 199 262 56% 52% - -

Mineworx Technologies Ltd. TSXV:MWX US $26 US $2 US $25 22 9 450 179 5% - - - - - - 22 9 450 179 5% - US $1.11 US $0.06

Pan American Silver Corp. TSX:PAAS US $4,636 US $459 US $4,558 1,800 30 5,705 96 32% 568 60 1,290 136 44% US $8.03 1,233 25 4,416 88 28% 27% US $2.53 US $0.80

Silver Bear Resources Plc TSX:SBR US $66 US $18 US $175 60 704 61 710 99% 22 809 22 809 100% US $7.85 38 655 39 663 99% 63% US $2.90 US $2.88

Silver Bull Resources, Inc. OTCPK:SVBL US $15 US $1 US $13 26 39 132 195 20% - - - - - - 26 39 132 195 20% 0% US $0.51 US $0.10

SilverCrest Metals Inc. TSX:SIL US $706 US $28 US $679 67 361 121 655 55% - - - - - - 67 361 121 655 55% 60% US $10.17 US $5.60

Silvercorp Metals Inc. TSX:SVM US $950 US $125 US $828 213 130 505 308 42% 84 202 161 387 52% US $9.84 129 105 344 282 37% 66% US $3.89 US $1.64

Group Average - Total # Companies: 24 US $9.11 US $2.91 US $1.13



EV/oz

Ag

EV/oz

AgEq

Ag

(Moz)

Ag

(g/t)

AgEq

(Moz)

AgEq

(g/t)% Ag

Global

% Ag% AgAg

(Moz)

Ag

(g/t)

AgEq

(Moz)


Ag

(Moz)

Ag

(g/t)

AgEq

(Moz)

AgEq

(g/t)

AgEq

(g/t)

% Ag

Inferred

EV/oz

Ag

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)



The Weekly Dig

29

January 24, 2020

Precious Metals Sensitivity

-30% -20% -10% -5% 0% 5% 10% 20% 30%

PRODUCERS

Alamos Gold Inc. $10.25 NAVPS Gold $14.89 $10.58 $12.35 $13.52 $14.14 $14.89 $15.31 $15.64 $16.02 $16.47

Asanko Gold Inc. $1.15 NAVPS Gold $1.89 $0.70 $1.14 $1.52 $1.71 $1.89 $2.06 $2.24 $2.63 $3.05

B2Gold Corp. $7.50 NAVPS Gold $4.66 $2.94 $3.54 $4.11 $4.38 $4.66 $4.94 $5.24 $5.82 $6.41

Barrick Gold Corporation $28.00 NAVPS Gold $14.20 $9.98 $11.39 $12.79 $13.49 $14.20 $14.91 $15.62 $17.01 $18.49

Detour Gold Corporation n/a NAVPS Gold $27.15 $6.00 $8.00 $18.45 $22.80 $27.15 $30.90 $34.35 $40.95 $47.35

Eldorado Gold Corporation $18.00 NAVPS Gold $16.51 ($1.06) $3.75 $8.65 $11.12 $13.58 $16.05 $18.51 $23.43 $28.35

Endeavour Mining Corporation $32.00 NAVPS Gold $25.43 $13.71 $17.59 $21.35 $23.23 $25.43 $27.78 $30.12 $34.86 $39.64

K92 Mining Inc. $4.75 NAVPS Gold $4.82 $1.83 $2.71 $3.70 $4.24 $4.82 $5.37 $5.92 $7.02 $8.12

Metalla Royalty & Streaming $8.50 NAVPS Gold $5.60 $4.25 $4.70 $5.16 $5.39 $5.61 $5.84 $6.07 $6.52 $6.98

OceanaGold Corporation $3.00 NAVPS Gold $2.83 $0.20 $1.15 $1.99 $2.41 $2.83 $3.25 $3.66 $4.48 $5.32

Osisko Gold Royalties Ltd $19.50 NAVPS Gold $16.60 $13.85 $14.73 $15.60 $16.04 $16.47 $16.91 $17.35 $18.22 $19.09

RNC Minerals $0.70 NAVPS Gold $0.57 ($0.15) $0.11 $0.35 $0.46 $0.57 $0.69 $0.79 $0.99 $1.17

Roxgold Inc. $1.70 NAVPS Gold $1.46 $0.41 $0.78 $1.12 $1.29 $1.46 $1.63 $1.80 $2.14 $2.48

SEMAFO Inc. $2.75 NAVPS Gold $3.75 $0.72 $2.13 $3.03 $3.40 $3.75 $4.04 $4.28 $4.78 $5.20

Superior Gold Inc. $1.15 NAVPS Gold $1.62 $0.40 $0.81 $1.21 $1.42 $1.62 $1.82 $2.03 $2.43 $2.84

DEVELOPERS / EXPLORERS

Aurion Resources Ltd. $3.50 NAVPS Gold $3.48 $1.53 $2.18 $2.83 $3.16 $3.48 $3.80 $4.13 $4.78 $5.42

Bluestone Resources Inc. $3.00 NAVPS Gold $3.05 $1.30 $1.90 $2.45 $2.75 $3.05 $3.35 $3.60 $4.20 $4.75

Equinox Gold Corp. $14.50 NAVPS Gold $14.46 $2.58 $6.56 $10.49 $12.48 $14.46 $16.44 $18.42 $22.38 $26.34

Falco Resources Ltd. $0.40 NAVPS Gold $1.68 $0.01 $0.58 $1.14 $1.41 $1.68 $1.95 $2.22 $2.76 $3.30

Filo Mining Corp. $4.60 NAVPS Gold $4.49 $3.35 $3.73 $4.11 $4.30 $4.49 $4.68 $4.87 $5.25 $5.63

Gold Road Resources Limited $0.85 NAVPS Gold $0.79 $0.28 $0.45 $0.62 $0.70 $0.79 $0.87 $0.95 $1.12 $1.28

Goldquest Mining Corp. $0.08 NAVPS Gold $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08

Harte Gold Corp. $0.25 NAVPS Gold $0.35 ($0.15) ($0.07) $0.27 $0.31 $0.35 $0.40 $0.44 $0.52 $0.60

Liberty Gold Corp. $1.60 NAVPS Gold $1.59 $0.48 $0.83 $1.20 $1.39 $1.59 $1.78 $1.98 $2.38 $2.77

Lumina Gold Corp. $1.50 NAVPS Gold $2.13 $0.69 $1.18 $1.65 $1.89 $2.13 $2.36 $2.60 $3.08 $3.55

Lundin Gold Inc. $10.00 NAVPS Gold $10.10 $3.20 $5.25 $7.20 $8.10 $9.05 $9.95 $10.85 $12.70 $14.55

Marathon Gold Corporation $2.50 NAVPS Gold $2.08 $0.87 $1.26 $1.66 $1.87 $2.08 $2.29 $2.51 $2.94 $3.38

Midas Gold Corp. $1.80 NAVPS Gold $2.24 $1.11 $1.49 $1.87 $2.05 $2.24 $2.43 $2.62 $3.00 $3.38

Minera Alamos Inc. $0.50 NAVPS Gold $0.65 $0.20 $0.30 $0.45 $0.50 $0.60 $0.65 $0.70 $0.85 $0.95

Nighthawk Gold Corp. $4.50 NAVPS Gold $4.53 ($0.84) $0.56 $2.41 $3.43 $4.53 $5.73 $7.04 $9.72 $12.27

Osisko Mining Inc. $4.50 NAVPS Gold $4.53 $2.88 $3.40 $3.95 $4.23 $4.53 $4.83 $5.14 $5.75 $6.37

Pure Gold Mining Inc. $1.30 NAVPS Gold $1.28 $0.62 $0.83 $1.06 $1.17 $1.28 $1.39 $1.51 $1.73 $1.96

Sabina Gold & Silver Corp. $2.00 NAVPS Gold $2.24 $1.11 $1.49 $1.87 $2.05 $2.24 $2.43 $2.62 $3.00 $3.38

Steppe Gold Ltd. $1.75 NAVPS Gold $1.71 $0.75 $1.07 $1.39 $1.55 $1.71 $1.87 $2.02 $2.34 $2.66

Treasury Metals Corp. $1.00 NAVPS Gold $1.54 $0.63 $0.93 $1.24 $1.39 $1.54 $1.69 $1.85 $2.15 $2.46

-30% -20% -10% -5% 0% 5% 10% 20% 30%

PRODUCERS

Alamos Gold Inc. $10.25 2019 CFPS Gold $0.75 $0.75 $0.75 $0.75 $0.75 $0.75 $0.75 $0.75 $0.75 $0.75

Asanko Gold Inc. $1.15 2019 CFPS Gold $0.05 $0.06 $0.06 $0.05 $0.05 $0.05 $0.05 $0.05 $0.02 ($0.00)

B2Gold Corp. $7.50 2019 CFPS Gold $0.54 $0.57 $0.56 $0.55 $0.55 $0.54 $0.52 $0.52 $0.51 $0.50

Barrick Gold Corporation $28.00 2019 CFPS Gold $1.85 $1.85 $1.85 $1.85 $1.85 $1.85 $1.85 $1.85 $1.85 $1.85

Detour Gold Corporation n/a 2019 CFPS Gold $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $0.86

Eldorado Gold Corporation $18.00 2019 CFPS Gold $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05

Endeavour Mining Corporation $32.00 2019 CFPS Gold $2.79 $2.35 $2.50 $2.64 $2.72 $2.79 $2.86 $2.93 $3.06 $3.20

K92 Mining Inc. $4.75 2019 CFPS Gold $0.18 $0.14 $0.15 $0.17 $0.17 $0.18 $0.19 $0.20 $0.21 $0.23

OceanaGold Corporation $3.00 2019 CFPS Gold $0.37 $0.28 $0.31 $0.34 $0.35 $0.37 $0.38 $0.40 $0.43 $0.46

Osisko Gold Royalties Ltd $19.50 2019 CFPS Gold $0.39 $0.45 $0.52 $0.57 $0.61 $0.66 $0.71 $0.82 $0.94 $0.86

RNC Minerals $0.70 2019 CFPS Gold $0.02 $0.00 $0.01 $0.01 $0.02 $0.02 $0.02 $0.03 $0.03 $0.04

Roxgold Inc. $1.70 2019 CFPS Gold $0.21 $0.23 $0.22 $0.21 $0.21 $0.21 $0.20 $0.20 $0.19 $0.19

SEMAFO Inc. $2.75 2019 CFPS Gold $0.72 $0.50 $0.57 $0.65 $0.68 $0.72 $0.77 $0.79 $0.82 $0.86

Superior Gold Inc. $1.15 2019 CFPS Gold $0.03 ($0.08) ($0.04) ($0.00) $0.01 $0.03 $0.05 $0.07 $0.11 $0.15

Note: For price forecast estimates, please refer to the "Haywood Metals and Currencies Forecast" Table later in this report

-30% -20% -10% -5% 0% 5% 10% 20% 30%

PRODUCERS

Alamos Gold Inc. $10.25 2020 CFPS Gold $1.07 $0.62 $0.77 $0.92 $0.99 $1.07 $1.14 $1.21 $1.36 $1.51

Asanko Gold Inc. $1.15 2020 CFPS Gold $0.36 $0.14 $0.21 $0.29 $0.33 $0.36 $0.36 $0.35 $0.40 $0.44

B2Gold Corp. $7.50 2020 CFPS Gold $0.66 $0.38 $0.48 $0.59 $0.63 $0.66 $0.71 $0.76 $0.85 $0.94

Barrick Gold Corporation $28.00 2020 CFPS Gold $2.50 $1.25 $1.65 $2.05 $2.30 $2.50 $2.70 $2.90 $3.35 $3.75

Detour Gold Corporation n/a 2020 CFPS Gold $2.40 $1.25 $1.60 $2.00 $2.20 $2.40 $2.55 $2.75 $3.15 $3.50

Eldorado Gold Corporation $18.00 2020 CFPS Gold $2.40 $1.25 $1.60 $2.00 $2.20 $2.40 $2.55 $2.75 $3.15 $3.50

Endeavour Mining Corporation $32.00 2020 CFPS Gold $3.82 $1.92 $2.57 $3.21 $3.52 $3.82 $4.10 $4.39 $5.01 $5.63

K92 Mining Inc. $4.75 2020 CFPS Gold $0.44 $0.24 $0.30 $0.37 $0.41 $0.44 $0.47 $0.51 $0.58 $0.65

OceanaGold Corporation $3.00 2020 CFPS Gold $0.63 $0.26 $0.38 $0.50 $0.57 $0.63 $0.70 $0.76 $0.89 $1.03

Osisko Gold Royalties Ltd $19.50 2020 CFPS Gold $0.86 $0.61 $0.69 $0.77 $0.82 $0.86 $0.90 $0.94 $1.03 $1.11

RNC Minerals $0.70 2020 CFPS Gold $0.10 $0.03 $0.05 $0.07 $0.09 $0.10 $0.11 $0.12 $0.14 $0.16

Roxgold Inc. $1.70 2020 CFPS Gold $0.24 $0.16 $0.19 $0.22 $0.23 $0.24 $0.26 $0.27 $0.30 $0.33

SEMAFO Inc. $2.75 2020 CFPS Gold $0.62 $0.30 $0.41 $0.52 $0.57 $0.62 $0.67 $0.73 $0.83 $0.94

Superior Gold Inc. $1.15 2020 CFPS Gold $0.55 ($0.03) $0.16 $0.35 $0.45 $0.55 $0.64 $0.74 $0.93 $1.12


Company Target MetricPrimary

Commodity

Base

Case

Company Target MetricPercentage Change Relative to Haywood Forecasted Commodity PricesBase

Case

Primary

Commodity

Percentage Change Relative to Haywood Forecasted Commodity Prices

Percentage Change Relative to Haywood Forecasted Commodity PricesBase

CaseCompany Target Metric

Primary

Commodity



The Weekly Dig

30 January 24, 2020

Comparables Tables – Base Metals

Base Metal Companies – Haywood Estimates

Source: Haywood Securities

Base Metal Companies – Market and Valuation Statistics (Consensus Estimates)


Last Shares MC Target Return NAVPS Primary

Price (C$) O/S (C$M) (C$) (%) (US$) 2019E 2020E Commodity 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E

Adventus Mining Corporation TSXV:ADZN ADZN-V MC $0.91 101 $92 $1.90 109% BUY $1.47 ($0.02) ($0.02) Copper

Capstone Mining TSX:CS CS-T PV $0.82 400 $328 $0.80 (2%) BUY $1.04 $0.26 $0.25 Copper 155 155 $1.87 $1.99 0.6x 0.6x 5.2x 5.38 2.4x 2.48

Copper Mountain Mining TSX:CMMC CMMC-T PV $0.71 191 $136 $1.40 97% BUY $4.87 $0.16 $0.63 Copper 72 91 $2.12 $1.42 0.1x 0.2x 13.0x 3.2x 6.9x 1.7x

Fireweed Zinc Ltd TSXV:FWZ FWZ-V PV $0.60 38 $23 $1.00 67% BUY $1.15 ($0.04) ($0.05) Zinc - - - - 0.4x 0.7x - - - -

HudBay Minerals TSX:HBM HBM-T PV $4.48 261 $1,170 $7.00 56% BUY $7.59 $1.19 $1.13 Copper 303 257 $0.77 $0.38 0.4x 0.7x 5.0x 5.3x 4.5x 4.7x

Lundin Mining TSX:LUN LUN-T PV $7.30 734 $5,360 $9.50 30% BUY $9.29 $0.70 $1.21 Copper 381 551 - - 0.6x 0.8x 9.3x 5.38 10.3x 5.97

Nevada Copper Corp. TSX:NCU NCU-T PV $0.35 762 $263 $0.60 74% BUY $0.89 ($0.01) $0.05 Copper 1 49 $3.19 $1.88 0.3x 0.5x - 8.6x - 9.4x

Osisko Metals Inc. TSXV:OM OM-V PV $0.51 167 $85 $0.90 76% BUY $1.73 ($0.04) ($0.05) Zinc - - - - 0.2x 0.4x - - - -

Trevali Mining TSX:TV TV-T PV $0.22 803 $173 $0.35 63% HOLD $0.35 $0.11 $0.14 Zinc 418 395 $0.85 $0.89 0.5x 0.8x 1.8x 1.5x 2.4x 2.0x

Xanadu Mines Limited ASX:XAM XAM-AU MC $0.03 791 $26 $0.10 201% BUY $0.08 ($0.00) ($0.01) Copper 0.3x 0.9x - - - -


C$/US$ = 1.315

C$/AUD$= 0.899

Production, million pounds Company Ticker Analyst Rating

CFPS (US$) Price /

NAV

Target /

NAV

Total Cash Costs, US$/lb EV / CFPS Target / CFPS

As of January 23, 2020 Shares Market Working Enterprise

Company Symbol Price 1-Day 7-Day YTD O/S Capitalization Cash Capital Debt Value 2018 2019E 2020E

% % (%) (millions) (US$ millions) (US$ millions) (US$ millions) (US$millions) (US$millions) CFPS CFPS CFPS 2019E 2020E 2019E 2020E 2019E 2020E

Large-Cap Base Metals Producers

ANGLO AMERICAN PLC LSE:AAL GBp 2114 (3.5) (2.8) (2.7) 1257 $34,830 $6,567 $6,476 $8,971 $44,696 $5.40 $5.81 $6.25 4.8x 4.4x 6.1x 5.7x 4.5x 4.6x

ANTOFAGASTA PLC LSE:ANTO GBp 863.2 (4.8) (11.3) (5.8) 986 $11,156 $1,034 $2,132 $2,494 $13,632 $1.37 $1.82 $1.68 6.2x 6.7x 7.6x 8.2x 5.7x 5.7x

BHP GROUP LTD ASX:BHP AUD 41.08 (0.3) 2.4 5.5 2946 $131,971 $15,613 $11,034 $24,828 $145,881 $3.45 $3.48 $3.33 8.1x 8.4x 14.2x 14.9x 6.1x 6.1x

FIRST QUANTUM MINERALS LTD TSX:FM CAD 12.01 (4.4) (6.1) (8.8) 689 $6,303 $1,255 $1,620 $7,752 $15,105 $2.88 $1.56 $2.47 5.8x 3.7x 14.0x 8.9x 9.5x 6.1x

FREEPORT-MCMORAN INC NYSE:FCX USD 11.97 (2.8) (7.8) (8.8) 1451 $17,367 $2,020 $4,591 $9,826 $33,323 $1.02 $1.12 $1.96 10.7x 6.1x 20.5x 11.7x 13.7x 8.7x

GLENCORE PLC LSE:GLEN GBp 228.15 (3.0) (5.7) (3.1) 13324 $39,854 $2,046 $3,896 $34,994 $73,271 $0.90 $0.60 $0.66 5.0x 4.5x 9.1x 8.3x 6.6x 6.0x

KGHM POLSKA MIEDZ SA WSE:KGH PLN 96.36 (0.7) (3.2) 0.8 200 $5,015 $256 $533 $2,122 $7,021 $5.14 $5.16 $5.71 4.9x 4.4x 6.8x 6.1x 5.1x 5.0x

MMG LTD SEHK:1208 HKD 1.81 (8.1) (13.4) (22.6) 8055 $1,876 $602 ($153) $8,131 $11,308 $0.12 $0.10 $0.16 2.3x 1.5x 13.6x 8.9x 8.4x 7.2x

RIO TINTO PLC LSE:RIO GBp 4426 (3.9) (2.2) (1.7) 1248 $99,395 $10,773 $10,331 $12,752 $109,937 $6.88 $8.72 $8.39 6.7x 6.9x 10.1x 10.5x 5.3x 5.9x

TECK RESOURCES LTD-CLS B TSX:TCK.B CAD 19.96 (1.4) (3.1) (11.4) 546 $8,421 $1,273 $2,056 $4,051 $11,541 $5.42 $4.89 $4.74 3.1x 3.2x 4.3x 4.5x 3.4x 3.7x

VALE SA-SP ADR NYSE:VALE USD 13.3 (0.9) 0.3 0.8 5284 $70,284 $5,773 $6,115 $15,437 $78,998 - $2.10 $2.20 6.3x 6.0x 7.1x 6.8x 4.8x 4.8x

BOLIDEN AB SSE:BOL SEK 242.5 (4.6) (5.4) (2.4) 274 $6,956 $256 $812 $379 $7,494 $4.96 $3.85 $4.56 6.6x 5.6x 7.1x 6.0x 5.6x 5.1x

SOUTHERN COPPER CORP NYXE:SCCO USD 41 (2.0) (6.4) (3.5) 773 $31,695 $845 $1,964 $5,960 $37,809 $2.89 $2.61 $2.73 15.7x 15.0x 18.8x 17.9x 10.5x 9.9x

Group Average - Large-Cap Producers 5.9x 5.1x 10.1x 8.4x 6.6x 5.7x

Group Average - Large-Cap Producers (excluding high/low) 5.7x 5.2x 9.6x 8.1x 6.2x 5.6x

Mid Tier Base Metals Producers

ERO COPPER CORP TSX:ERO CAD 18.98 2.6 (5.9) (19.6) 86 $1,236 $19 ($9) $152 $1,377 $0.85 $1.48 $1.79 9.7x 8.1x 10.8x 9.0x 10.2x 8.2x

HUDBAY MINERALS INC TSX:HBM CAD 4.48 (0.2) (3.4) (16.7) 261 $891 $515 $445 $1,055 $1,556 $1.58 $1.15 $1.33 3.0x 2.6x 5.2x 4.5x 4.3x 3.8x

KAZ MINERALS PLC LSE:KAZ GBp 472.2 (8.6) (14.2) (11.1) 472 $2,925 $1,219 $1,224 $3,453 $5,489 $1.58 $1.38 $1.54 4.5x 4.0x 8.4x 7.5x 4.7x 4.7x

LUNDIN MINING CORP TSX: LUN CAD 7.3 (2.5) (5.2) (5.9) 735 $4,084 $815 $949 $11 $4,816 $0.62 $0.73 $1.18 7.6x 4.7x 8.9x 5.6x 7.1x 4.7x

OZ MINERALS LTD ASX:OZL AUD 10.52 (1.7) (3.6) (0.3) 324 $2,333 $356 $511 $0 $2,294 $1.08 $0.91 $0.88 8.0x 8.2x 7.8x 8.0x 7.3x 6.4x

TURQUOISE HILL RESOURCES LTD TSX:TRQ CAD 0.88 (1.1) (4.3) (7.4) 2012 $1,348 $1,603 $2,992 $4,187 $2,786 $0.09 $0.03 $0.00 24.8x 167.5x 51.3x 346.1x 8.4x 11.2x

Group Average - Mid Tier Producers 9.6x 32.5x 15.4x 63.5x 7.0x 6.5x

Group Average - Mid Tier Producers (excluding high/low) 7.4x 6.3x 9.0x 7.5x 6.9x 6.0x

Small Cap Base Metals Producers

AMERIGO RESOURCES LTD TSX:ARG CAD 0.54 1.9 (1.8) (8.5) 180 $74 $21 ($17) $66 $135 $0.15 $0.04 $0.19 10.3x 2.2x 18.8x 4.0x - -

ATALAYA MINING PLC TSX:AYM CAD 3.6 2.9 2.9 5.0 137 $376 $38 $10 $0 $367 - $0.15 $0.62 18.9x 4.4x 18.4x 4.3x 5.9x 3.4x

CAPSTONE MINING CORP TSX:CS CAD 0.82 (1.2) (3.5) 7.9 400 $249 $30 $104 $217 $527 $0.30 $0.22 $0.26 2.8x 2.4x 5.9x 5.0x 4.9x 4.5x

COPPER MOUNTAIN MINING CORP TSX:CMMC CAD 0.71 (9.0) (14.5) (1.4) 188 $102 $34 ($29) $207 $307 $0.18 $0.19 $0.43 2.8x 1.3x 8.5x 3.8x 11.6x 3.6x

IMPERIAL METALS CORP TSX:III CAD 2.1 (1.4) (6.3) 1.9 128 $205 $14 ($579) $668 $134 $0.49 ($0.13) $0.05 - 30.0x - 19.4x - 15.4x

WESTERN AREAS LTD AU:WSA AUD 2.81 (1.7) (1.7) (7.3) 274 $526 $101 $96 $1 $426 $0.26 $0.22 $0.36 8.6x 5.4x 7.1x 4.3x 7.6x 3.7x

SHERRITT INTERNATIONAL CORP TSX:S CAD 0.2 2.6 0.0 5.3 397 $60 $152 $195 $518 $469 ($0.00) ($0.09) $0.02 - 7.7x - 59.0x 12.3x 7.7x

TASEKO MINES LTD TSX:TKO CAD 0.65 (7.1) (15.6) 3.2 246 $122 $34 $34 $261 $379 $0.22 $0.13 $0.20 4.0x 2.5x 12.2x 7.7x 9.8x 5.9x

TREVALI MINING CORP TSX:TV CAD 0.215 (4.4) (15.7) (6.5) 814 $133 $65 $17 $132 $171 $0.13 $0.10 $0.10 1.6x 1.6x 2.1x 2.1x 1.7x 2.1x

Group Average - Small Cap Producers 7.0x 6.4x 5.8x 12.2x 7.7x 5.8x

Group Average - Small Cap Producers (excluding high/low) 5.7x 3.7x 6.5x 6.9x 7.9x 4.8x

. C$/US$ FX Rate: $1.31

P/CF Ratio EV/CF Ratio EV/EBITDA Ratio



The Weekly Dig

31 January 24, 2020

Copper Non-Producers – Enterprise Value per Pound of Copper Equivalent


Shares Market Working LTD Enterprise Copper

Company Symbol Price O/S Capitalization Capital Value Value Ratio*** Reserve R&R (Total)

(million) (million) (million) (million) (million) (% Contained) (CuEq** Mlb) (CuEq** Mlb) Reserve Total

Abacus Mining & Exploration Corporation TSXV:AME C$ 0.13 62.7 US$ 6 US$ (0.1) US$ 12.9 US$ 19 Cu / Au 66% 806 1,008 $0.024 $0.019

Adventus Mining Corporation TSXV:ADZN C$ 0.91 100.6 US$ 70 US$ 14.1 US$ 0.0 US$ 56 Cu / Au 34% - 863 - $0.064

Candente Copper Corp. TSX:DNT C$ 0.04 216.0 US$ 7 US$ (1.1) US$ 0.0 US$ 8 Cu / Au 87% - 10,286 - $0.001

Copper Fox Metals Inc. TSXV:CUU C$ 0.09 461.3 US$ 30 US$ 0.6 US$ 0.0 US$ 29 Cu / Au 69% - 5,067 - $0.006

Coro Mining Corp. TSX:COP C$ 0.07 1608.9 US$ 80 US$ (7.4) US$ 0.0 US$ 87 Cu / - 100% 325 817 $0.267 $0.106

Excelsior Mining Corp. TSX:MIN C$ 1.13 239.6 US$ 206 US$ 24.7 US$ 0.0 US$ 181 Cu / - 100% 5,129 8,016 $0.035 $0.023

Filo Mining Corp. TSXV:FIL C$ 1.91 88.2 US$ 128 US$ 14.4 US$ 0.0 US$ 114 Cu / Au 49% 4,380 8,409 $0.026 $0.014

Foran Mining Corporation TSXV:FOM C$ 0.26 132.5 US$ 26 US$ 0.6 US$ 0.0 US$ 26 Cu / Zn 43% - 1,878 - $0.014

Getty Copper Inc. TSXV:GTC C$ 0.04 108.4 US$ 3 US$ (1.1) US$ 0.8 US$ 5 Cu / Mo 97% 781 1,225 $0.006 $0.004

Highland Copper Company Inc. TSXV:HI C$ 0.04 472.9 US$ 13 US$ (19.3) US$ 0.0 US$ 32 Cu / Ag 99% 2,501 4,823 $0.013 $0.007

Indico Resources Ltd. TSXV:IDI C$ 0.01 147.0 US$ 1 US$ (4.3) US$ 0.0 US$ 5 Cu / - 100% - 122 - $0.040

Los Andes Copper Ltd. TSXV:LA C$ 0.43 271.7 US$ 89 US$ 1.4 US$ 0.0 US$ 87 Cu / Mo 90% - 12,145 - $0.007

Nevada Copper Corp. TSX:NCU C$ 0.35 761.9 US$ 200 US$ (24.3) US$ 103.1 US$ 327 Cu / Au 89% 4,975 8,222 $0.066 $0.040

Northern Dynasty Minerals Ltd. TSX:NDM C$ 0.58 434.2 US$ 191 US$ (3.6) US$ 0.0 US$ 195 Cu / Au 52% - 156,013 - $0.001

NorthIsle Copper and Gold Inc. TSXV:NCX C$ 0.06 120.1 US$ 5 US$ 0.1 US$ 0.0 US$ 5 Cu / Au 50% - 5,252 - $0.001

Panoro Minerals Ltd. TSXV:PML C$ 0.10 263.8 US$ 19 US$ (6.7) US$ 2.0 US$ 28 Cu / Au 74% - 10,759 - $0.003

Philippine Metals Inc. TSXV:PHI C$ 0.08 17.4 US$ 1 US$ 0.1 US$ 0.0 US$ 1 Cu / - 100% - 331 - $0.003

PolyMet Mining Corp. TSX:POM C$ 0.37 1005.2 US$ 283 US$ 8.5 US$ 15.2 US$ 289 Cu / Ni 40% 3,668 14,199 $0.079 $0.020

Quaterra Resources Inc. TSXV:QTA C$ 0.07 217.6 US$ 11 US$ 2.3 US$ 0.0 US$ 8 Cu / - 100% - 3,894 - $0.002

Regulus Resources Inc. TSXV:REG C$ 1.20 101.8 US$ 93 US$ 4.8 US$ 0.0 US$ 88 Cu / Au 59% - 8,438 - $0.010

Serengeti Resources Inc. TSXV:SIR C$ 0.23 109.2 US$ 19 US$ 0.8 US$ 0.0 US$ 18 Cu / Au 59% - 2,045 - $0.009

St. Augustine Gold and Copper Limited TSX:SAU C$ 0.02 726.8 US$ 11 US$ (6.2) US$ 0.0 US$ 17 Cu / Au 51% 4,817 7,423 $0.004 $0.002

Western Copper and Gold Corporation TSX:WRN C$ 0.91 107.6 US$ 74 US$ 1.8 US$ 0.0 US$ 73 Cu / Au 41% 10,860 10,860 $0.007 $0.007

Group Average - Total $0.053 $0.017

*All reserve and resource data sourced from SNL, additional data sourced from Capital IQ.

**CuEq = copper equivalent. Calculated based on Haywood's formal long-term metal price forecasts.

***Copper Ratio = value of in situ copper / total value of in situ metals.

Primary /

Secondary

Metal

EV/lb CuEq** (US$)Reserves & Resources* - Attributable



The Weekly Dig

32 January 24, 2020

Nickel Non-Producers – Enterprise Value per Pound of Nickel Equivalent

Zinc Non-Producers – Enterprise Value per Pound of Zinc Equivalent

Shares Market Working LTD Enterprise Nickel


(million) (million) (million) (million) (million) (% Contained) (NiEq** Mlb) (NiEq** Mlb) Reserve Total

CaNickel Mining Limited TSXV:CML C$ 0.06 37.5 US$ 2 US$ (71.7) US$ 0.0 US$ 73 Ni / - 100% 83 397 $0.888 $0.184

FPX Nickel Corp. TSXV:FPX C$ 0.16 154.7 US$ 19 US$ 1.4 US$ 5.9 US$ 23 Ni / - 100% - 5,995 - $0.004

Giga Metals Corporation TSXV:GIGA C$ 0.33 55.5 US$ 14 US$ 2.5 US$ 0.0 US$ 11 Ni / Co 73% - 8,039 - $0.001

Gossan Resources Limited TSXV:GSS C$ 0.04 33.8 US$ 1 US$ (0.1) US$ 0.0 US$ 1 Ni / Cu 52% - 76 - $0.015

Hannan Metals Ltd. TSXV:HAN C$ 0.25 58.9 US$ 11 US$ (0.1) US$ 0.3 US$ 11 Ni / Cu 80% - 2,456 - $0.005

New Era Minerals Inc. TSXV:NEM C$ 0.03 106.9 US$ 2 US$ (1.1) US$ 0.2 US$ 3 Ni / - 100% - 454 - $0.007

Royal Nickel Corporation TSX:RNX C$ 0.43 607.8 US$ 199 US$ 9.2 US$ 18.2 US$ 208 Ni / Co 69% 2,550 5,161 $0.081 $0.040

Sama Resources Inc. TSXV:SME C$ 0.23 216.3 US$ 37 US$ 3.2 US$ 0.0 US$ 34 Ni / Co 48% - 1,051 - $0.032

Strongbow Exploration Inc. TSXV:SBW C$ 0.06 86.8 US$ 4 US$ 1.0 US$ 3.8 US$ 6 Ni / Sn 50% - 723 - $0.009

Talon Metals Corp. TSX:TLO C$ 0.14 494.3 US$ 53 US$ 6.0 US$ 0.0 US$ 47 Ni / Cu 63% - 287 - $0.162



**NiEq = nickel equivalent. Calculated based on Haywood's formal long-term metal price forecasts.

***Nickel Ratio = value of in situ nickel / total value of in situ metals.

Primary /

Secondary

Metal

Reserves & Resources* - AttributableEV/lb NiEq** (US$)

Shares Market Working LTD Enterprise Zinc


(million) (million) (million) (million) (million) (% Contained) (ZnEq** Mlb) (ZnEq** Mlb) Reserve Total

Ascendant Resources Inc. TSX:ASND C$ 0.30 77.7 US$ 18 US$ (17.4) US$ 0.0 US$ 35 Zn / Pb 72% 848 1,883 $0.041 $0.019

Commander Resources Ltd. TSXV:CMD C$ 0.07 35.7 US$ 2 US$ 1.6 US$ 0.0 US$ 0 Zn / Cu 56% - 25 - $0.012

El Nino Ventures Inc. TSXV:ELN C$ 0.05 61.6 US$ 2 US$ 0.9 US$ 0.0 US$ 1 Zn / Cu 59% - 532 - $0.003

Firestone Ventures Inc. TSXV:FV C$ 0.05 53.7 US$ 2 US$ (0.3) US$ 0.0 US$ 2 Zn / Pb 77% - 429 - $0.005

Fireweed Zinc Ltd. TSXV:FWZ C$ 0.60 37.8 US$ 17 US$ 1.0 US$ 0.0 US$ 16 Zn / Pb 67% - 9,981 - $0.002

InZinc Mining Ltd. TSXV:IZN C$ 0.02 114.7 US$ 1 US$ 0.2 US$ 0.0 US$ 1 Zn / Cu 75% - 3,884 - $0.000

Karmin Exploration Inc. TSXV:KAR C$ 1.01 89.9 US$ 69 US$ (1.4) US$ 1.0 US$ 71 Zn / Pb 53% 1,109 2,507 $0.064 $0.029

Osisko Metals Incorporated TSXV:OM C$ 0.51 167.1 US$ 65 US$ 5.3 US$ 0.0 US$ 59 Zn / Pb 74% - 6,538 - $0.009

Rathdowney Resources Ltd. TSXV:RTH C$ 0.10 161.7 US$ 12 US$ (5.3) US$ 1.5 US$ 19 Zn / Pb 83% - 3,590 - $0.005

ScoZinc Mining Ltd. TSXV:SZM C$ 0.64 10.1 US$ 5 US$ 0.6 US$ 0.0 US$ 4 Zn / Pb 68% - 1,485 - $0.003

Titan Mining Corporation TSX:TI C$ 0.28 123.0 US$ 26 US$ 0.8 US$ 30.5 US$ 56 Zn / - 100% - 1,930 - $0.029

Trevali Mining Corporation TSX:TV C$ 0.22 802.6 US$ 131 US$ 62.9 US$ 66.4 US$ 135 Zn / Pb 71% 3,169 17,446 $0.043 $0.008

Wolfden Resources Corporation TSXV:WLF C$ 0.14 129.5 US$ 14 US$ 1.2 US$ 0.0 US$ 13 Zn / Au 41% - 5,175 - $0.002



**ZnEq = Zinc equivalent. Calculated based on Haywood's formal long-term metal price forecasts.

***Zinc Ratio = value of in situ zinc / total value of in situ metals.

Primary /

Secondary

Metal

Reserves & Resources* - AttributableEV/lb ZnEq** (US$)



The Weekly Dig

33

January 24, 2020

Base Metals Sensitivity

Company

-30% -20% -10% -5% 0% 5% 10% 20% 30%

PRODUCERS

Capstone Mining Corp. $0.80 NAVPS Copper $1.38 ($2.63) ($1.24) $0.01 $0.72 $1.38 $2.05 $2.64 $3.89 $4.58

Copper Mountain Mining Corp. $1.40 NAVPS Copper $6.28 $0.58 $2.58 $4.51 $5.40 $6.28 $7.16 $8.04 $9.79 $11.55

Hudbay Minerals Inc. $7.00 NAVPS Copper $10.03 ($1.50) $2.44 $6.26 $8.15 $10.03 $11.91 $13.79 $17.54 $21.30

Lundin Mining Corporation $9.50 NAVPS Copper $12.34 $9.90 $10.76 $11.55 $11.95 $12.34 $12.71 $13.09 $13.85 $14.57

Trevali Mining Corporation $0.35 NAVPS Zinc $0.47 ($0.44) ($0.11) $0.19 $0.34 $0.47 $0.61 $0.76 $1.00 $1.25

DEVELOPERS / EXPLORERS

Adventus Mining Corporation $1.90 NAVPS Copper $1.93 $1.26 $1.49 $1.71 $1.81 $1.93 $2.03 $2.15 $2.37 $2.58

Fireweed Zinc Ltd $1.00 NAVPS Zinc $1.33 ($0.56) $0.07 $0.70 $1.02 $1.33 $1.65 $1.96 $2.59 $3.22

Nevada Copper Corp. $0.60 NAVPS Copper $1.17 ($0.27) $0.05 $0.52 $0.83 $1.17 $1.58 $2.05 $3.19 $4.58

Osisko Metals Inc. $0.90 NAVPS Zinc $2.32 ($0.51) $0.64 $1.51 $1.90 $2.32 $2.70 $3.08 $3.84 $4.64

Xanadu Mines Limited $0.10 NAVPS Copper $0.11 ($0.02) $0.02 $0.06 $0.08 $0.11 $0.13 $0.15 $0.20 $0.24

Company

-30% -20% -10% -5% 0% 5% 10% 20% 30%

PRODUCERS

Capstone Mining Corp. $0.80 2019 CFPS Copper $0.34 $0.23 $0.27 $0.30 $0.32 $0.34 $0.36 $0.38 $0.41 $0.45

Copper Mountain Mining Corp. $1.40 2019 CFPS Copper $0.21 $0.08 $0.12 $0.17 $0.19 $0.21 $0.23 $0.25 $0.29 $0.33

Hudbay Minerals Inc. $7.00 2019 CFPS Copper $1.58 $1.17 $1.31 $1.44 $1.51 $1.58 $1.65 $1.72 $1.85 $1.99

Lundin Mining Corporation $9.50 2019 CFPS Copper $0.93 $0.67 $0.76 $0.85 $0.89 $0.93 $0.97 $1.01 $1.09 $1.17

Trevali Mining Corporation $0.35 2019 CFPS Zinc $0.14 $0.06 $0.09 $0.11 $0.13 $0.14 $0.16 $0.17 $0.21 $0.25


Company

-30% -20% -10% -5% 0% 5% 10% 20% 30%

PRODUCERS

Capstone Mining Corp. $0.80 2020 CFPS Copper $0.32 ($0.11) $0.04 $0.18 $0.25 $0.32 $0.39 $0.46 $0.60 $0.74

Copper Mountain Mining Corp. $1.40 2020 CFPS Copper $0.82 $0.24 $0.45 $0.66 $0.75 $0.82 $0.89 $0.96 $1.10 $1.24

Hudbay Minerals Inc. $7.00 2020 CFPS Copper $1.45 ($0.20) $0.35 $0.90 $1.18 $1.45 $1.73 $2.00 $2.56 $3.11

Lundin Mining Corporation $9.50 2020 CFPS Copper $1.56 $0.58 $0.93 $1.25 $1.41 $1.56 $1.71 $1.86 $2.15 $2.45

Trevali Mining Corporation $0.35 2020 CFPS Zinc $0.17 ($0.03) $0.03 $0.09 $0.13 $0.17 $0.21 $0.26 $0.36 $0.47



Base

Case


Primary

Commodity

Base

Case


Primary

Commodity

Base

Case

Target MetricPrimary

Commodity

MetricTarget

Target Metric

The Weekly Dig



34

January 24, 2020

Comparables Tables – Other (Uranium, Lithium, Diamond, Cobalt, Coal, Iron)

Uranium/Lithium Companies – Haywood Estimates


Diamond Companies – Haywood Estimates


Last Shares MC Target Return NAVPS Primary

Price O/S (C$M) (C$) (%) (US$) 2019E 2020E Commodity 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E

Denison Mines DML-T CH $0.50 597 $299 $2.10 320% BUY C$2.10 ($0.02) $0.02 Uranium - - -

Energy Fuels UUUU-US CH $1.65 100 US$165 US$4.80 191% BUY $4.84 ($0.03) $0.25 Uranium 1.1 2.3 0.3x 1.0x - 6.6x - 19.3x

NexGen Energy NXE-T CH $1.56 360 $562 $6.00 285% BUY C$5.98 ($0.05) ($0.05) Uranium - - - 0.3x 1.0x - - - -

Uranium Energy UEC-US CH $0.83 184 US$153 US$2.90 249% BUY $2.87 $0.08 $0.17 Uranium 0.8 1.6 0.3x 1.0x 10.6x 5.1x 35.1x 16.9x

Uranium Participation U-T CH $4.02 138 $555 $5.90 47% BUY C$5.13 Uranium - - - 0.8x 1.2x - - - -

Plateau Energy PLU-V CH $0.26 86 $22 N/A Under Review Uranium - - -

Azarga Uranium AZZ-T CH $0.20 186 $37 $0.50 150% BUY C$0.50 Uranium 0.4x 1.0x


C$/US$ = 1.32

A$/US$ = 1.46

₤/US$ = 0.76

Target / CFPSPrice /

NAV

Target /

NAV Company

EV / CFPS RatingTicker Analyst

CFPS (US$) Production, million pounds Total Cash Costs, US$/lb



Mountain Province Diamonds Inc. TSX:MPVD MPVD-T GM $1.19 210 $250 $3.50 194% BUY $3.26 $0.31 $0.36 Diamonds 6,746 7,145 $87 $82 $99 $91 0.3x 0.8x 7.0x 6.2x 8.5x 7.5x

Lucara Diamond Corp. TSX:LUC LUC-T GM $0.85 397 $337 $2.10 147% BUY $1.86 $0.15 $0.25 Diamonds 446 390 $209 $291 $432 $589 0.3x 0.9x 4.3x 2.5x 7.6x 6.3x


C$/US$ = 1.3x 1.315

Company Ticker Analyst RatingPrice /

NAV

AISC, US$/ctTCC, US$/ctProduction, 000's caratsCFPS (US$) EV / CFPS Target /

NAV



The Weekly Dig

35

January 24, 2020

Uranium Comparables – Consensus Estimates

IBES Shares Market Enterprise Total Reserves IBES

Company (T icker)

Haywood Covered Names bold Share Price

Consensus

Target

Implied

Return

Outst.

(millions)

Capitalization

(millions)

Value (USD)

(millions)

& Resources

(M lb)

USD EV/lb

Resource

Consensus

NAV

Price /

Nav 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020

Cameco Corporation (CCO-T) $11.21 $15.26 36% 396 $4,437 $3,483 $13.81 0.81x $1.19 $0.85 $0.61 9.5x 13.2x 18.4x $0.27 $0.01 $0.04 42.1x 1762.6x 269.0x

Energy Fuels (UUUU-US) $2.17 $4.78 120% 100 $217.3 $164.1 $3.34 0.65x ($0.22) ($0.03) $0.03 70.7x ($0.29) ($0.48) ($0.28)

Uranium Energy (UEC-US) $1.09 $3.55 225% 184 $201.0 $160.5 $2.73 0.40x ($0.13) ($0.08) ($0.57) ($0.13) ($0.12) ($0.11)

Ur-Energy Inc. (URE-T) $0.71 $1.33 87% 160 $113.6 $95.3 $1.19 0.60x ($0.01) $0.05 $0.02 13.7x 40.5x $0.01 ($0.06) $0.00 104.1x 215.8x

Peninsula Energy (PEN-AU) $0.14 $0.81 481% 301 $42.0 $41.1 $0.90 0.15x ($0.01) ($0.03) ($0.05) ($0.10) ($0.07)

Energy Resources (ERA-AU) $0.14 518 $72.1 ($183.6) $0.21 0.66x $0.07 $0.15 ($0.03) 2.1x 0.9x $0.01 ($0.03) ($0.08) 14.5x

Group Average - Producers 0.55x 5.8x 9.3x 43.2x 53.6x 1762.6x 242.4x

NexGen Energy (NXE-T) $1.56 $4.76 205% 360 $562.0 $476.6 $5.28 0.30x ($0.02) ($0.03) ($0.04) ($0.09) ($0.08) ($0.08)

Denison Mines (DML-T) $0.50 $1.25 151% 597 $298.6 $219.8 $1.30 0.38x ($0.04) ($0.03) ($0.02) ($0.04) ($0.04) ($0.03)

Fission Uranium (FCU-T) $0.27 $1.60 493% 486 $131.3 $94.8 $1.54 0.18x ($0.01) ($0.01) ($0.01) ($0.01) ($0.01) ($0.01)

GoviEx Uranium (GXU-V) $0.14 423 $57.1 $55.0

Global Atomic (GLO-T) $0.48 145 $69.1 $48.6 113.2 $0.43

Boss Resources (BOE-AU) $0.05 1,587 $72.8 $50.9 ($0.00) ($0.00)

UEX Corporation (UEX-T) $0.11 $0.45 309% 394 $43.4 $30.1 ($0.02) ($0.02)

Deep Yellow (DYL-AU) $0.24 $0.36 51% 247 $58.7 $34.4

Azarga Uranium (AZZ-T) $0.20 $0.47 136% 186 $37.1 $27.5 $0.50 0.40x ($0.04) ($0.03) ($0.03) ($0.03)

Laramide Resources (LAM-T) $0.20 165 $32.3 $31.6

Bannerman Resources (BMN-AU) $0.03 1,059 $34.3 $21.5

Toro Energy (TOE-AU) $0.01 2,490 $17.9 $21.0

Western Uranium (WUC-L) $0.91 30 $27.4 $18.4

Vimy Resources (VMY-AU) $0.04 $0.31 655% 619 $25.0 $18.4 $0.32 0.13x ($0.02) ($0.01) ($0.01) ($0.02) ($0.01) ($0.01)

Forsys Metals (FSY-T) $0.12 157 $18.8 $13.6

Plateau Energy (PLU-V) $0.26 86 $22.2 $16.2 ($0.06) ($0.02)

A-Cap Energy (ACB-AU) $0.01 872 $7.1 $9.2

U3O8 Corp. (UWE-T) $0.10 23 $2.3 $2.2

Energy Metals (EME-AU) $0.10 210 $20.7 $3.9

Berkeley Energia (BKY-AU) $0.18 $0.98 447% 259 $46.5 ($6.1) ($0.09) ($0.04) ($0.04) ($0.09) ($0.04) ($0.04)

Group Average - Developers $0.43 0.28x

Aurania Resources (ARU-V) $3.51 $4.50 28% 38 $134.7 $103.4

IsoEnergy Ltd. (ISO-V) $0.39 91 $35.4 $26.4

Azimut Exploration (AZM-V) $1.44 59 $84.5 $62.0

ValOre Metals (VO-V) $0.39 85 $33.2 $24.6

Mega Uranium (MGA-T) $0.09 326 $27.7 $16.9

enCore Energy (:EU-V) $0.15 145 $21.7 $14.3

Globex Mining (GMX-T) $0.39 54 $20.9 $13.7

Purepoint Uranium (PTU-V) $0.06 223 $12.3 $9.0

Skyharbour Resources (SYH-V) $0.17 $1.01 512% 75 $12.4 $9.1

Blue Sky (BSK-V) $0.12 120 $14.4 $11.0

CanAlaska Uranium (CVV-V) $0.21 58 $12.1 $7.9

Anfield Energy (AEC-V) $0.10 $0.30 200% 75 $7.5 $5.4 $0.40 0.25x

Forum Energy (FMC-V) $0.11 109 $11.4 $8.6

Marenica Energy (MEY-AU) $0.07 117 $7.9 $5.7

X-Terra Resources (XTT-V) $0.12 59 $7.1 $4.7

Fission 3.0 (FUU-V) $0.06 142 $7.8 $4.4

Avrupa Minerals (AVU-V) $0.03 114 $3.4 $2.6

Cauldron Energy (CXU-AU) $0.02 343 $6.2 $3.5

Eros Resources (ERC-V) $0.10 48 $4.6 $3.2

Zadar Ventures (ZAD-V) $0.15 20 $3.0 $2.1

Uravan Minerals (UVN-V) $0.04 42 $1.5 $1.1

Tarku Resources (TKU-V) $0.01 76 $0.8 $0.8

Vanadian Energy (VEC-V) $0.03 42 $1.1 $0.8

Roughrider Exploration (REL-V) $0.06 14 $0.8 $0.5

Group Average - Explorers

INVENTORY FUNDS

Uranium Participation (U-T) $4.02 $5.49 37% 138 $555.0 $418.4 17.8 $23.48 $5.18 0.78x

Yellow Cake (YCA-LN) £3.36 £4.66 38% 88 £296.6 $216.1 9.6 $22.47

All data sourced from S&P Capital IQ, SNL Financial, Bloomberg, Haywood Securities, Company Reports

Earnings CompsConsensus Targets In-Situ Comps - EV/lb U3O8 NAV Comps Cash Flow Comps

EPS (LoC) P/EPS

DE

VE

LO

PE

RS

EX

PL

OR

ER

S

CFPS (LoC) P/CFPS

PR

OD

UC

ER

S



The Weekly Dig

36 January 24, 2020

Diamond Sensitivity

Uranium Sensitivity

-30% -20% -10% -5% 0% 5% 10% 20% 30%

DEVELOPER / PRODUCER

Mountain Province Diamonds Inc. $3.50 NAVPS Diamonds $4.28 $2.29 $2.93 $3.59 $3.94 $4.28 $4.64 $4.99 $5.74 $6.51

Lucara Diamond Corp. $2.10 NAVPS Diamonds $2.03 $1.95 $1.98 $2.00 $2.02 $2.03 $2.04 $2.05 $2.08 $2.10

-30% -20% -10% -5% 0% 5% 10% 20% 30%


Mountain Province Diamonds Inc. $3.50 2019 CFPS Diamonds $0.40 $0.44 $0.44 $0.41 $0.40 $0.40 $0.40 $0.39 $0.39 $0.38

Lucara Diamond Corp. $2.10 2019 CFPS Diamonds $0.13 $0.13 $0.13 $0.13 $0.13 $0.13 $0.13 $0.13 $0.13 $0.13

-30% -20% -10% -5% 0% 5% 10% 20% 30%


Mountain Province Diamonds Inc. $3.50 2020 CFPS Diamonds $0.45 $0.36 $0.38 $0.42 $0.43 $0.45 $0.46 $0.47 $0.49 $0.51

Lucara Diamond Corp. $2.10 2020 CFPS Diamonds $0.20 $0.20 $0.20 $0.20 $0.20 $0.20 $0.20 $0.20 $0.20 $0.20

Note: Diamond sensitivities reflect changes in USD/CAD exchange rate


Percentage Change Relative to Haywood Forecasted Exchange RateCompany Target Metric

Primary

Commodity

Base

Case

Company Target MetricPrimary

Commodity

Base

Case

Percentage Change Relative to Haywood Forecasted Exchange Rate

Percentage Change Relative to Haywood Forecasted Exchange RateCompany Target Metric

Primary

Commodity

Base

Case



The Weekly Dig

37

January 24, 2020

Performance of Companies from the last Junior Exploration Report

Source: Haywood Securities

(C$) (C$M) (C$M)

BeMetals Corp. TSXV:BMET 0.24 25.18 3.79 9.1% 6.7% 5.3%

Generation Mining Limited CNSX:GENM 0.71 64.97 2.00 24.6% 153.6% 152.2%

GT Gold Corp. TSXV:GTT 1.37 168.88 17.83 16.1% 29.2% 27.9%IsoEnergy Ltd. TSXV:ISO 0.39 35.45 2.00 (4.9)% (2.5)% (3.9)%

Japan Gold Corp. TSXV:JG 0.24 33.62 8.89 (4.0)% (12.7)% (14.1)%

Luminex Resources Corp. TSXV:LR 0.74 53.44 7.93 1.4% (7.5)% (8.9)%

Oroco Resource Corp. TSXV:OCO 0.50 52.31 1.30 1.0% 11.1% 9.8%

Osino Resources Corp. TSXV:OSI 0.85 54.36 3.50 (1.2)% 30.8% 29.4%

Red Pine Exploration Inc. TSXV:RPX 0.04 16.70 1.80 (12.5)% (30.0)% (31.4)%

Reunion Gold Corporation TSXV:RGD 0.13 52.33 9.00 (7.4)% (10.7)% (12.1)%

Rupert Resources Ltd. TSXV:RUP 0.79 110.54 8.30 16.2% 16.2% 14.8%

Sun Metals Corp. TSXV:SUNM 0.12 17.02 7.00 (41.0)% (48.9)% (50.2)%

Velocity M inerals Ltd. TSXV:VLC 0.44 43.03 7.10 (4.3)% (3.3)% (4.7)%

TickerJunior Exploration Names QTD

Performance

Weekly

Performance

Cash as of October

Junior X Report

Market

Capitalization

Close

Price QTD Performance

vs. TSXV Index



The Weekly Dig

38

January 24, 2020

Haywood Metals and Currencies Performance and Forecasts

Source: Bloomberg, Haywood Securities

OLD NEW OLD NEW OLD NEW OLD NEW OLD NEW

Gold, US$/oz $1,391 $1,483 $1,425 $1,550 $1,425 $1,500 $1,425 $1,475 $1,425 $1,475

Silver, US$/oz $16.12 $17.33 $17.00 $19.00 $17.00 $18.50 $17.00 $18.00 $17.00 $18.00


Copper, US$/lb $2.90 $2.70 $3.00 $2.90 $3.05 $3.00 $3.10 $3.10 $3.15 $3.15

Lead, US$/lb $0.95 $0.90 $1.00 $0.95 $1.05 $1.00 $1.05 $1.05 $1.05 $1.05

Nickel, US$/lb $5.90 $6.45 $6.50 $7.00 $7.00 $7.00 $7.00 $7.00 $7.00 $7.00

Zinc, US$/lb $1.20 $1.15 $1.15 $1.15 $1.15 $1.15 $1.10 $1.10 $1.10 $1.10


C$/US$ FX Rate 1.33 1.32 1.29 1.30 1.28 1.28 1.27 1.28 1.27 1.27

AUS$/US$ FX Rate 1.45 1.46 1.41 1.43 1.35 1.39 1.37 1.37 1.37 1.37

Euro/US$ FX Rate 0.90 0.90 0.86 0.87 0.85 0.85 0.84 0.83 0.84 0.83

2019E 2020E 2021E

Commodities

Currencies

Commodities

Q4/19A 2020E 2021E 2022E

Q4/19A 2020E 2021E 2022E+

2023E+

2023E+

2022E 2023E+



The Weekly Dig

39

January 24, 2020

Important Information and Legal Disclosures

This report may be distributed in the following states: nil. Otherwise, this report may only be distributed into those states with an institutional buyer state securities registration exemption.

Analyst Certification

We, Mick Carew, Geordie Mark, Kerry Smith, Pierre Vaillancourt, Colin Healey, hereby certify that the views expressed in this report (which includes the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report) accurately reflect my/our personal views about the subject securities and the issuer. No part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations.

Important Disclosures

Of the companies included in the report the following Important Disclosures apply:

Ticker Company 1 2 3 4 5 6 7 8

TSXV:ADZN Adventus Zinc Corp. X X X X

TSX:AGI Alamos Gold Inc. X

TSX:AKG Asanko Gold Inc. X

TSXV:AU Aurion Resources Ltd. X X X X

TSX:AZZ Azarga Uranium Corp. X X X

TSX:BTO B2Gold Corp. X X

TSX:ABX Barrick Gold Corporation X

TSXV:BSR Bluestone Resources Inc. X X X

TSX:CS Capstone Mining Corp. X

TSX:CMMC Copper Mountain Mining Corp. X X

TSX:DML Denison Mines Corp. X X

TSX:DGC Detour Gold Corporation X X

TSX:ELD Eldorado Gold Corporation X X

TSX:EDV Endeavour Mining Corp. X X

TSX:EFR Energy Fuels Inc. X

TSXV:EQX Equinox Gold Corp. X X X

TSXV:FPC Falco Resources Ltd. X

TSXV:FIL Filo Mining Corp. X X X

TSXV:FWZ Fireweed Zinc Ltd. X X X X

TSXV:GQC GoldQuest Mining Corp. X

ASX:GOR Gold Road Resources Limited X

TSXV:GTT GT Gold Corp. X X

TSX:HRT Harte Gold Corp. X X

TSX:HBM Hudbay Minerals, Inc. X

TSXV:ISO IsoEnergy ltd. X

TSXV:KNT K92 Mining Inc. X X

TSX:LGD Liberty Gold Corp. X X X

TSX:LUC Lucara Diamond Corp. X X

TSXV:LUM Lumina Gold Corp. X X X X

TSXV:LR Luminex Resources Corp. X X X

TSX:LUG Lundin Gold Inc. X X

TSX:LUN Lundin Mining Corporation X

TSX:MOZ Marathon Gold Corp. X X X

TSXV:MTA Metalla Royalty & Streaming

TSX:MAX Midas Gold Corp. X X X

TSXV:MAI Minera Alamos Inc. X



The Weekly Dig

40

January 24, 2020

TSX:MPVD Mountain Province Diamonds Inc. X X

TSX:NXE NexGen Energy Ltd. X

TSX:NCU Nevada Copper Corp. X X

TSX:NHK Nighthawk Gold Corp. X X X

TSX:OGC OceanaGold Corporation X

TSX:OR Osisko Gold Royalties Ltd. X

TSXV:OM Osisko Metals Inc. X X X

TSX:OSK Osisko Mining Corp. X X

TSXV:PLU Plateau Energy Metals Inc. X X X X

TSXV:PGM Pure Gold Mining Inc. X X X X

TSXV:ROG Roxgold Inc. X X

TSX:RNX RNC Minerals X X X X

TSX:SBB Sabina Gold and Silver Corp. X

TSXV:SGI Superior Gold Inc.

TSX:SMF SEMAFO Inc. X

TSX:STGO Steppe Gold Ltd. X X

TSX:TML Treasury Metals Inc. X X

TSX:TV Trevali Mining Corp. X X

TSXV:TLG Trolius Gold Corp. X X

AMEX:UEC Uranium Energy Corp. X

TSX:U Uranium Participation Corporation X

TSX:XAM Xanadu Mines Ltd. X

1 The Analyst(s) preparing this report (or a member of the Analysts’ households) have a financial interest in this company.

2 As of the end of the month immediately preceding this publication either Haywood Securities, Inc., one of its subsidiaries, its officers or directors beneficially owned 1% or more of this company.

3 Haywood Securities, Inc. has reviewed lead projects of this company and a portion of the expenses for this travel have been reimbursed by the issuer.

4 Haywood Securities Inc. or one of its subsidiaries has managed or co-managed or participated as selling group in a public offering of securities for this company in the past 12 months.

5 Haywood Securities, Inc. or one of its subsidiaries has received compensation for investment banking services from this company in the past 12 months

6 Haywood Securities, Inc. or one of its subsidiaries has received compensation for investment banking services from this company in the past 24 months

7 Haywood Securities, Inc. or one of its subsidiaries is restricted on this company at the time of publication

8 Haywood Securities, Inc. or one of its subsidiaries expects to receive or intends to seek compensation for investment banking services from this company in the next three months

Distribution of Ratings (as of January 24, 2020)

IB Clients

% # (TTM)

Buy 75.5% 80 96.7%

Hold 13.2% 14 0.0%

Sell 0.9% 1 0.0%

Tender 1.9% 2 0.0%

UR (Buy) 0.9% 1 0.0%

UR (Hold) 0.0% 0 0.0%

UR (Sell) 0.0% 0 0.0%

Dropped (TTM) 7.5% 8 3.3%



The Weekly Dig

41

January 24, 2020

Price Chart, Rating and Target Price History (as of January 24, 2020)

Adventus Mining Corporation (ADZN-V) Date Target(C$) Rating5/3/19 $1.90 Buy2/7/19 $1.80 Buy

Initiated Coverage: 2/7/2019

0

0.5

1

1.5

2

2.5

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19

Nov19

Price History (C$) Target/Rating/Coverage Change

Alamos Gold Inc. (AGI-T) Date Target(C$) Rating11/1/19 $10.25 Buy

10/15/19 $10.25 Hold7/25/19 $11.00 Buy1/16/19 $9.00 Buy

10/17/17 $10.00 Buy7/19/17 $11.50 Buy

Initiated Coverage 10/03/03

0

2

4

6

8

10

12

14

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Asanko Gold Inc. (AKG-T) Date Target(C$) Rating4/4/19 $1.15 Hold

11/9/18 $1.65 Hold8/4/17 $2.00 Hold

7/20/17 $4.50 Buy2/28/17 $5.20 Buy2/22/17 $5.50 Buy1/25/17 $5.50 Hold


0

1

2

3

4

5

6

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Aurion Resources Ltd. (AU-V) Date Target(C$) Rating1/23/20 $3.50 Buy


0

0.5

1

1.5

2

2.5

3

3.5

4

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Azarga Uranium Corp. (AZZ-T) Date Target(C$) Rating6/24/19 $0.50 Buy


0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


B2Gold Corp. (BTO-T) Date Target(C$) Rating1/22/20 $7.50 Buy7/25/19 $6.50 Buy7/20/17 $5.00 Buy1/25/17 $5.50 Buy

Transferred Coverage 09/12/12; Re-Initiated Coverage 02/05/14

0

1

2

3

4

5

6

7

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Barrick Gold Corporation (ABX-T) Date Target(C$) Rating7/25/19 $28.00 Buy6/21/19 $23.00 Buy2/14/19 $19.00 Buy

10/26/18 $18.00 Buy10/2/18 $17.00 Buy7/27/18 $19.50 Hold2/16/18 $26.00 Buy

10/17/17 $28.00 Buy7/20/17 $30.50 Buy4/26/17 $37.00 Buy2/17/17 $38.50 Buy1/25/17 $33.00 Buy

0

5

10

15

20

25

30

35

40

45

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Bluestone Resources Inc. (BSR-V) Date Target(C$) Rating1/22/20 $3.00 Buy6/26/18 $2.75 Buy


0

0.5

1

1.5

2

2.5

3

Jun17

Sep17

Dec17

Mar18

Jun18

Sep18

Dec18

Mar19

Jun19

Sep19

Dec19




The Weekly Dig

42

January 24, 2020

Capstone Mining Corp. (CS-T) Date Target(C$) Rating11/8/19 $0.80 Buy7/23/19 $0.70 Hold

11/27/18 $0.85 Buy10/31/18 $0.70 Buy7/10/18 $1.20 Hold4/10/18 $1.50 Hold

10/19/17 $1.75 Hold8/1/17 $1.50 Buy

7/20/17 $1.40 Buy6/20/17 $1.20 Buy

Initiated Coverage 07/10/07; Name change Capstone Mining

Corp. 11/25/08; Transferred Coverage 6/20/2017

0

0.5

1

1.5

2

2.5

3

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Copper Mountain Mining Corporation (CMMC-T) Date Target(C$) Rating1-14-20 $1.40 Buy7-23-19 $1.00 Hold2-22-19 $1.50 Buy1-10-19 $1.75 Buy

10-19-17 $2.00 Buy8-8-17 $1.10 Hold

7-20-17 $1.00 Hold6-20-17 $0.90 Hold

Initiated Coverage: 8/26/10; Transferred Coverage 6/20/2017

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Denison Mines Corp. (DML-T) Date Target(C$) Rating10/30/18 $2.10 Buy9/26/18 $2.00 Buy

Transferred & Re-initiated Coverage 08/20/12

0

0.5

1

1.5

2

2.5

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Detour Gold Corporation (DGC-T) Date Target(C$) Rating11/26/19 N/A Tender7/25/19 $25.00 Buy7/12/19 $23.00 Buy7/27/18 $15.50 Buy4/30/18 $15.50 Hold

10/17/17 $26.00 Buy7/20/17 $28.00 Buy3/24/17 $27.50 Buy1/25/17 $32.00 Buy


0

5

10

15

20

25

30

35

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Energy Fuels Inc. (AMEX:UUUU) Date Target(US$) Rating1/25/17 $4.80 Buy

Targets and prices prior to 11/06/13 adjusted for share

consolidation; Transferred & Re-initiated Coverage 08/20/12;

Targets prior to 05/31/16 converted to US$ at spot

0

1

2

3

4

5

6

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19

Price History (US$) Target/Rating/Coverage Change

Eldorado Gold Corporation (ELD-T) Date Target(C$) Rating1/22/20 $18.00 Buy7/25/19 $15.00 Buy7/11/19 $10.00 Buy5/6/19 $6.25 Buy2/1/19 $7.00 Buy1/9/19 $6.50 Buy

10/30/17 $2.50 Buy10/17/17 $5.00 Buy7/20/17 $5.50 Buy6/28/17 $6.50 Buy1/25/17 $8.25 Buy

December 31, 2018: 5:1 Share Consolidation

0

5

10

15

20

25

30

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Endeavour Mining Corporation (EDV-T) Date Target(C$) Rating10/17/17 $32.00 Buy7/20/17 $35.00 Buy1/25/17 $31.00 Buy

Initiated Coverage 08/21/14; 10:1 Prices/Targets adjusted to reflect

Stock Consolidation 12/02/15; Transfer of Coverage 10/20/16

0

5

10

15

20

25

30

35

40

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Equinox Gold Corp. (EQX-T) Date Target(C$) Rating1/22/20 $14.50 Buy8/20/19 $13.75 Buy7/25/19 $2.75 Buy

10/19/18 $3.00 Buy10/17/17 $2.80 Buy

4/4/17 $3.00 Buy

Initiated Coverage: 4/4/2017; August 2019 - 5:1 Share

Consolidation

0

2

4

6

8

10

12

14

16

Aug18

Nov18

Feb19

May19

Aug19

Nov19




The Weekly Dig

43

January 24, 2020

Falco Resources Ltd. (FPC-V) Date Target(C$) Rating1/28/19 $0.40 Hold10/2/18 $0.75 Buy6/22/18 $1.25 Buy5/11/17 $2.00 Buy


0

0.5

1

1.5

2

2.5

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Filo Mining Corp. (FIL-V) Date Target(C$) Rating4/18/18 $4.60 Buy


0

1

2

3

4

5

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Fireweed Zinc Ltd. (FWZ-V) Date Target(C$) Rating7/15/19 $1.00 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

Jun17

Sep17

Dec17

Mar18

Jun18

Sep18

Dec18

Mar19

Jun19

Sep19

Dec19


Gold Road Resources Limited (GOR-A) Date Target(C$) Rating1/22/20 $0.85 Hold7/25/19 $0.85 Sell6/21/19 $0.75 Sell8/7/18 $0.75 Hold

10/17/17 $0.90 Buy

Initiated Coverage 9/13/2016; Transfer of Coverage 10/20/16

0

0.5

1

1.5

2

2.5

3

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Goldquest Mining Corp. (GQC-V) Date Target(C$) Rating1/25/19 $0.08 Sell3/29/18 $0.20 Hold

10/11/17 $0.60 Buy


0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Harte Gold Corp. (HRT-T) Date Target(C$) Rating11/19/19 $0.25 Hold11/4/19 $0.50 Buy5/8/19 $0.70 Buy

6/22/18 $0.80 Buy12/13/17 $0.90 Buy4/12/17 $1.00 Buy


0

0.2

0.4

0.6

0.8

1

1.2

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Hudbay Minerals Inc. (HBM-T) Date Target(C$) Rating11/13/19 $7.00 Buy

8/6/19 $8.00 Buy7/23/19 $9.00 Buy2/25/19 $11.00 Buy

12/20/18 $8.00 Buy8/1/18 $9.00 Buy

7/10/18 $11.50 Buy5/3/18 $12.50 Buy

1/12/18 $13.50 Buy10/19/17 $12.50 Buy

8/4/17 $12.00 Buy7/20/17 $11.00 Buy6/20/17 $9.00 Buy


0

2

4

6

8

10

12

14

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


K92 Mining Inc. (KNT-V) Date Target(C$) Rating11/28/19 $4.75 Buy


0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

5

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19




The Weekly Dig

44

January 24, 2020

Liberty Gold Corp. (LGD-T) Date Target(C$) Rating10/17/19 $1.60 Buy

Initiated Coverage 10/09/12; Transfer of Coverage 10/20/2016

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Lucara Diamond Corp. (LUC-T) Date Target(C$) Rating2/22/19 $2.10 Buy1/8/19 $2.60 Buy

11/3/17 $3.20 Buy1/25/17 $3.50 Buy


0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

5

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Lumina Gold Corp. (LUM-V) Date Target(C$) Rating7/3/18 $1.50 Buy

3/15/18 $1.20 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Lundin Gold Inc. (LUG-T) Date Target(C$) Rating1/22/20 $10.00 Buy7/25/19 $9.25 Buy3/4/19 $7.50 Buy

10/17/17 $7.75 Buy1/25/17 $8.25 Buy


0

2

4

6

8

10

12

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Marathon Gold Corporation (MOZ-T) Date Target(C$) Rating1/21/20 $2.50 Buy5/15/19 $2.00 Buy2/22/19 $1.90 Buy1/11/18 $1.80 Buy2/27/17 $1.50 Buy


0

0.5

1

1.5

2

2.5

3

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Minera Alamos Inc. (MAI-V) Date Target(C$) Rating7/25/19 $0.50 Buy4/30/19 $0.40 Buy


0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Metalla Royalty & Streaming Ltd. (MTA-V) Date Target(C$) Rating1/22/20 $8.50 Hold

12/17/19 $8.00 Buy11/27/19 $2.00 Buy

Initiated Coverage: 11/27/2019; 1:4 Consolidation - Dec 17, 2019

0

1

2

3

4

5

6

7

8

9

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Midas Gold Corp. (MAX-T) Date Target(C$) Rating7/25/19 $1.80 Buy5/9/18 $1.90 Buy

7/20/17 $1.50 Buy1/25/17 $1.75 Buy

Transferred and Re-initiated Coverage 11/05/13

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19




The Weekly Dig

45

January 24, 2020

Mountain Province Diamonds Inc. (MPVD-T) Date Target(C$) Rating10/21/19 $3.50 Buy

8/8/19 $3.80 Buy7/18/19 $4.30 Buy4/26/19 $4.80 Buy

11/27/18 $5.20 Buy11/13/18 $5.60 Buy4/26/17 $6.30 Buy3/30/17 $7.00 Buy


0

1

2

3

4

5

6

7

8

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


NexGen Energy Ltd. (NXE-T) Date Target(C$) Rating2/27/17 $6.00 Buy1/25/17 $4.50 Buy


0

1

2

3

4

5

6

7

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Nevada Copper Corp. (NCU-T) Date Target(C$) Rating12/17/19 $0.60 Buy10/10/19 $0.50 Buy8/29/18 $0.90 Buy6/19/18 $1.00 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Nighthawk Gold Corp. (NHK-T) Date Target(C$) Rating1/21/20 $4.50 Buy9/10/18 $0.90 Buy

10/20/17 $1.30 Buy

Initiated Coverage: 10/20/2017; January 2020 - 1:5 Share

Consolidation

0

1

2

3

4

5

6

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Osisko Metals Incorporated (OM-V) Date Target(C$) Rating4/25/19 $0.90 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Osisko Mining Inc. (OSK-T) Date Target(C$) Rating5/24/18 $4.50 Buy3/19/18 $6.00 Buy4/6/17 $6.50 Buy

3/17/17 $5.00 Buy

Initiated Coverage 12/10/2016; Transfer of Coverage

10/20/2016

0

1

2

3

4

5

6

7

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Osisko Gold Royalties Ltd (OR-T) Date Target(C$) Rating9/4/19 $19.50 Buy

7/25/19 $17.00 Buy10/2/18 $16.50 Buy2/21/18 $18.00 Buy

10/17/17 $19.00 Buy7/20/17 $19.50 Buy1/25/17 $18.25 Buy

Initiated Coverage 12/16/2015; Transfer of Coverage

10/20/2016

0

5

10

15

20

25

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


OceanaGold Corporation (OGC-T) Date Target(C$) Rating1/22/20 $3.00 Hold

10/16/19 $3.50 Hold3/15/19 $4.00 Hold2/5/19 $4.00 Sell

10/17/17 $4.20 Hold7/20/17 $4.40 Hold6/28/17 $5.10 Buy1/25/17 $5.75 Buy


0

1

2

3

4

5

6

7

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19




The Weekly Dig

46

January 24, 2020

Plateau Energy Metals Inc. (PLU-V) Date Target(C$) Rating8/1/19 UR UR9/4/18 $3.00 Buy


0

0.5

1

1.5

2

2.5

3

3.5

4

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Pure Gold Mining Inc. (PGM-V) Date Target(C$) Rating2/6/19 $1.30 Buy

6/28/17 $1.00 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Roxgold Inc. (ROXG-T) Date Target(C$) Rating1/14/20 $1.70 Buy1/3/18 $1.90 Buy

11/1/17 $1.70 Buy7/20/17 $1.80 Buy1/25/17 $2.00 Buy

Initiated Coverage

0

0.5

1

1.5

2

2.5

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


0

0.5

1

1.5

2

2.5

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


RNC Minerals (RNX-T) Date Target(C$) Rating12/20/19 $0.70 Buy10/16/19 $0.60 Buy6/28/19 $0.80 Buy1/23/19 $0.75 Buy9/25/18 $0.75 Hold9/20/18 $0.50 Buy9/12/18 $0.40 Buy7/24/18 $0.15 Hold5/15/18 $0.25 Hold3/23/18 $0.30 Hold9/25/17 $0.25 Hold

Initiated Coverage: 07/05/11; Name Change to RNC Minerals

9/13/2016; Transferred Coverage 9/26/2017

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Sabina Gold & Silver Corp. (SBB-T) Date Target(C$) Rating7/25/19 $2.00 Hold4/19/18 $2.35 Hold

12/20/17 $2.60 Hold10/19/17 $2.50 Hold10/17/17 $2.70 Buy

9/5/17 $2.75 Buy7/19/17 $2.50 Buy1/25/17 $1.70 Buy

Initiated Coverage 12-15-15

0

0.5

1

1.5

2

2.5

3

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


SEMAFO Inc. (SMF-T) Date Target(C$) Rating1/22/20 $2.75 Hold

11/13/19 $3.50 Sell7/25/19 $8.50 Buy10/2/18 $6.00 Buy2/20/18 $5.50 Buy4/25/17 $4.50 Buy3/9/17 $5.50 Buy

1/25/17 $7.00 Buy


0

1

2

3

4

5

6

7

8

9

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


0

1

2

3

4

5

6

7

8

9

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Steppe Gold Ltd. (STGO-T) Date Target(C$) Rating9/5/18 $1.75 Buy


0

0.5

1

1.5

2

2.5

3

May18

Jul18

Sep18

Nov18

Jan19

Mar19

May19

Jul19

Sep19

Nov19


Superior Gold Inc. (SGI-V) Date Target(C$) Rating1/16/20 $1.15 Buy

11/20/19 $1.00 Buy10/28/19 $1.15 Buy5/15/19 $1.25 Buy

11/13/18 $1.50 Buy4/3/18 $2.00 Buy

12/12/17 $1.50 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19

Nov19




The Weekly Dig

47

January 24, 2020

B: Buy; H: Hold; S: Sell; T: Tender; UR: Under Review


Treasury Metals Inc. (TML-T) Date Target(C$) Rating6/17/19 $1.00 Buy10/2/18 $1.10 Buy7/20/17 $1.20 Buy2/23/17 $1.10 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Trevali Mining Corporation (TV-T) Date Target(C$) Rating7/23/19 $0.35 Hold1/21/19 $0.80 Buy11/9/18 $1.00 Buy

10/23/18 $1.50 Buy7/10/18 $1.75 Buy

10/19/17 $2.30 Buy7/20/17 $2.00 Buy6/20/17 $1.75 Buy


0

0.5

1

1.5

2

2.5

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Troilus Gold Corp. (TLG-T) Date Target(C$) Rating11/1/18 $2.00 Buy9/13/18 $2.50 Buy2/20/18 $3.25 Buy


0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

5

Jan18

Mar18

May18

Jul18

Sep18

Nov18

Jan19

Mar19

May19

Jul19

Sep19

Nov19

Jan20


Uranium Participation Corporation (U-T) Date Target(C$) Rating10/12/18 $5.90 Buy1/25/17 $5.10 Buy


0

1

2

3

4

5

6

7

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Uranium Energy Corp. (UEC-AMEX) Date Target(US$) Rating5/11/17 $2.90 Buy2/3/17 $2.40 Buy

1/25/17 $2.00 Buy


0

0.5

1

1.5

2

2.5

3

3.5

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19

Price History (US$) Target/Rating/Coverage Change

Xanadu Mines Limited (XAM-V) Date Target(C$) Rating7/5/19 $0.10 Buy

2/13/19 $0.30 Buy


0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19

Jan20


1. THE WEEKLY DIG The Weekly Dig January 24,...

Documents

Transcript of 1. THE WEEKLY DIG The Weekly Dig January 24,...